MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
V3 ENGINEERING PRIVATE LIMITED |
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Registered Office : |
#6/1, 6/2, 6/5, 7/1, Deganahalli, Near Budhihal Village, Nelamangala,
Bangalore Rural District, Deganahalli-562123, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.03.2000 |
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Com. Reg. No.: |
08-26634 |
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CIN No.: [Company
Identification No.] |
U74994KA2000PTC026634 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRV01023B |
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PAN No.: [Permanent
Account No.] |
AABCV0796Q |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
Manufacturer, Importer, Exporter and designer of furniture
and allied products for Interiors and Exteriors both in steel and wood. |
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 706655 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
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/Factory: |
#6/1, 6/2, 6/5, 7/1, Deganahalli, Near Budhihal Village, Nelamangala, Bangalore Rural District, Deganahalli-562123, Karnataka, India |
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Tel. No.: |
91-80-7733178/7733179/7733189/190/22286323 |
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Mobile No.: |
91-9844079754 |
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Fax No.: |
91-80-7733180/22286287 |
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E-Mail : |
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Website: |
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Area: |
5000 Sq ft |
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Branches 1: |
49/1, Indiranagar, Firs Avenue,Adyar, Chennai – 600020,Tamilnadu, India |
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Tel. No.: |
91-44-24402016/24402066 |
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Fax No.: |
91-44-52114784 |
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E-Mail : |
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Branches 2: |
205, Om Prakash Arcade, Ambedkar Garden, Best Cant, Near Chembur Railway Station,Chembur (East),Mumbai – 400071,Maharashtra, India |
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Tel. No.: |
91-22-25209571/25209572 |
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Branches 3: |
18/3, Ali Asker Road, Off.Cunningham Road,Bangalore – 560 052,Karnataka, India |
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Tel. No.: |
91-80-22286287 |
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Fax No.: |
91-80-22286323 |
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E-Mail : |
blr@v3engineers.com |
DIRECTORS
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Name : |
Mr. R. Guru Prasad |
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Designation : |
Director |
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Address : |
No.1855, 5th A Main road, Vijaya Nagar, II stage,
Bangalore-560040, Karnataka, India |
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Date of Birth/Age : |
16.03.1967 |
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Qualification: |
B.E. (Electronics and Communication) |
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Date of Appointment : |
16.03.2000 |
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Experience: |
14 Years |
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Name : |
Mr. S.Sampath Raghavan |
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Designation : |
Director |
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Address : |
No.227, 1st Main Road Aecs 1st Stage Layout,
Sanjay Nagar, Bangalore-560094, Karnataka, India |
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Date of Birth/Age : |
29.08.1967 |
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Qualification: |
B.E. (Mechanical) |
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Date of Appointment : |
16.03.2000 |
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Experience: |
14 Years |
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Name : |
Mr. N. Vasu |
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Designation : |
Director |
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Address : |
No. 12/3, 16th Cross, Jai Bharath Nagar, Bangalore-560033,
Karnataka, India |
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Date of Birth/Age : |
28.02.1966 |
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Qualification: |
B.E. (Electronics and Communication) |
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Date of Appointment : |
16.03.2000 |
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Experience: |
14 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr. R. Guru Prasad |
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1657775 |
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Mr. S. Sampath Raghavan |
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1657775 |
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Mr. N.Vasu |
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1657775 |
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Total: |
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4973325 |
Equity Shares Break Up as on 28.09.2007
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Particulars |
Percentage |
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Directors or Relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer, Exporter and designer of furniture and allied
products for Interiors and Exteriors both in steel and wood. |
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Imports |
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Countries: |
U.K. and Germany |
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Terms |
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Purchasing: |
L/C terms |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
325(in production), 75 (in other) Total: 400 |
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Bankers : |
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Facilities : |
Credit Limit Rs. 100.000 millions (Export-Import Bank of India) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N N Yuvraj and Associates (Chartered Accountant) |
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Address : |
# 311, 1st floor , westminister, Cunningham road,
Bangalore-560052, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
4973325 |
Equity Shares |
Rs.10/- each |
Rs.49.733
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
49.733 |
49.733 |
37.843 |
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2] Share Application Money |
3.213 |
3.000 |
0.000 |
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3] Reserves & Surplus |
88.385 |
66.902 |
45.591 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
141.331 |
119.635 |
83.434 |
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LOAN FUNDS |
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1] Secured Loans |
171.158 |
153.177 |
72.022 |
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2] Unsecured Loans |
0.000 |
0.000 |
3.113 |
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TOTAL BORROWING |
171.158 |
153.177 |
75.135 |
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DEFERRED TAX LIABILITIES |
14.776 |
6.280 |
0.000 |
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TOTAL |
327.265 |
279.092 |
158.569 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
231.625 |
178.897 |
64.479 |
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Capital work-in-progress |
0.000 |
0.000 |
3.440 |
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INVESTMENT |
6.059 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
65.890
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47.550 |
43.969 |
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Sundry Debtors |
136.318
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122.261 |
68.508 |
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Cash & Bank Balances |
6.809
|
12.665 |
5.043 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
19.183
|
27.679 |
23.555 |
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Total
Current Assets |
228.200
|
210.155 |
141.075 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
120.024
|
88.308 |
35.754 |
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Provisions |
18.595
|
21.652 |
14.671 |
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Total
Current Liabilities |
138.619
|
109.960 |
50.425 |
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Net Current Assets |
89.581
|
100.195 |
90.650 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
327.265 |
279.092 |
158.569 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
426.225 |
389.217 |
325.048 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
426.225 |
389.217 |
325.048 |
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Profit/(Loss) Before Tax |
37.221 |
36.545 |
31.322 |
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Provision for Taxation |
13.469 |
13.216 |
11.252 |
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Profit/(Loss) After Tax |
23.752 |
23.329 |
20.070 |
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Expenditures : |
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Financial Charges |
21.355 |
57.561 |
40.393 |
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Depreciation & Amortization |
(5.185) |
12.260 |
9.071 |
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Other Expenditure |
372.834 |
282.851 |
244.262 |
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Total Expenditure |
389.004 |
352.672 |
293.726 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.57
|
5.99 |
6.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.73
|
9.39 |
9.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.99
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9.39 |
14.99 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.30 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.30
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2.25 |
1.50 |
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Current Ratio (Current Asset/Current Liability) |
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1.65
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1.91 |
2.80 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject was incorporated on 16th March 2000 at Bangalore in Karnataka having Company Registration Number 08-26634.
It was originally established as a partnership firm with the name “V3 Engineers”. It was later changed to the present name “V3 Engineers Private Limited”.
Form No. 8:
Bankers Charges Report
as per Registry
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Name of the company |
V3 ENGINEERING
PRIVATE LIMITED |
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Presented By |
State Bank Of
India, Commercial Branch, Rajijinagar, Bangalore-560044, Karnataka ,India |
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1) Date and description of instrument creating the change |
Date 27.11.2003,
general agreement for the grant of medium term advances to small scale
industries and hypothecation of movables, book debts and other assets.
Extension of equitable mortgage by deposit of title deeds- letter confirming
deposit of title deeds- form ‘B’ no enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.000 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 |
1.
all present
and future goods , book debts, movables and other assets such as outstanding
moneys, receivables, claims, bills, invoices, documents and securities,
contracts, engagements, investments, rights and the existing machinery and all
future machinery belonging to or in possession of the borrower of the Bnak or
fo any third party whether in India or elsewhere throughout world by way of
first charge. Hypothecation of machinery as per list attached to the
agreement. 2.
Equitable
mortgage of company’s immovable properties situated at Sy No. 6/1, 6/2, 6/5,
7/1, Deganahalli Village, Kasaba Hobli, Nelamangala Taluka, Bangalore
including land and building, immovable properties situated at plot no. B-46,
industrial estate, kumbalgod, Bangalore district including land and building
and the immovable property situated at Sy No. 6/3, 7/2 Deganapalli Village,
Kasaba Hobli, Nelmangala Taluka, Bangalore including land and building
already obtained to other limits is now extended to this limit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest: 1.5% above
SBAR/SBMTLR with minimum of 12.5% p.a with periodical rests andor at such
rate and rest as may be specified by the bank from time to time. Repayment: In 60 monthly
installment first 59 installments of Rs. 0.134 million each and last
installment of Rs. 0.009 million commencing from 30.04.2004 |
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5) Name and Address and description of the person entitled to the charge. |
State bank of
India Commercial Branch,
Rajaji Nagar, Bangalore-560044, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
Date :03.08.2005 Equitable
mortgage by deposit of title deeds- letter confirming deposit of title deeds-
form ‘A’ enclosed |
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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. |
By the above , the
security of lease hold rights on the immovable properties situate at B-46,
industrial estate, kumbalgod, Bangalore district already obtained is now
obtained on free hold rights both present and future by way of first charge
to cover the entire limit of Rs. 5.387 millions |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74994KA2000PTC026634 |
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Name of the
company |
V3 ENGINEERING
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
# 6/1, 6/2, 6/5,
7/1 deganahalli, Bangalore rural district, Bangalore-562123, Karnataka, india |
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Type of charge |
Book debts Movable property Floating charge |
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Particular of
charge holder |
Export – import
bank of India Centre One
Building, Floor 21, World Trade Centre Complex, Cuffee Parade, Mumbai-400005,
Maharahstra, India Email: grigroup@eximbankindia.in |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
hypothecation of movable assets dated 01.07.2008 executed by V3 engineers
private limited (“the borrower”) in favour of export – import bank of India
(“Exim Bank”), a copy whereof is attached hereto. |
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Date of
instrument Creating the charge |
01.07.2008 |
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Amount secured by
the charge |
Rs. 100.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest: Rupee disbursements:
9%p.a payable on 20th day of each month every year. Dollar
disbursements: 250 basis points p.a above libor (as defined in the loan
agreement dated 01.07.2008 executed between the borrower and exim bank) 2%p.a penal
interest Terms of repayment: Each advance
relating to Pre- shipment credit shall be repaid by the borrower within 180
days from the date of such advance or out of relative export proceeds or
equivalent advance from post shipment credit whichever is earlier. Each advance
relating to post shipment credit shall be repaid by the borrower within 180
days from the date of such disbursement, or out of relative export proceeds,
whichever is earlier. Extent and
operation of the charge: Charge created by
the deed of hypothecation shall operate as a continuing security by way of
paripassu first charge over the borrower’s current assets and paripassu
second charge over the borrower’s movable fixed assets for due repayment by
the borrower to Exim Bank of the loan upto the revolving limit Rs. 100.000
millions together with payment of interest, additional interest and all other
monies payable by the borrower to Exim Bank under the loan agreement. |
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Short particulars
of the property charged |
The whole of the borrower’s
movable assets, both present and future, briefly described in schedule III to
the deed of hypothecation, including its movable plant and machinery and
current assets, both present and future. |
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] 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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|