MIRA
INFORM REPORT
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Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIRGO INDUSTRIES |
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Registered Office : |
Village Rampur, Jattan, Nahan Road – Kala Amb, Sirmour – 173 033, Himachal
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
2000 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Lamination Sheets, Sunmica Etc. |
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 100000 |
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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 concern meeting its normal commitments
timeously. Trade relations are fair. Business is active. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Surindrer Arora |
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Designation : |
Partner |
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Date : |
05.08.2008 |
LOCATIONS
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Registered Office / Factory : |
Village Rampur, Jattan, Nahan Road – Kala Amb, Sirmour – 173 033,
Himachal Pradesh, India |
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Tel. No.: |
91-1702-238266 |
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Mobile No.: |
91-9418052454/ 9813303544 |
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Fax No.: |
91-1702-238266 |
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E-Mail : |
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Website : |
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Area : |
19 Acres |
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Location : |
Owned |
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Head Office : |
828, Industrial Area, Phase 2, Chandigarh – 160 002, Punjab, India |
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Tel. No.: |
91-172-2639222 |
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Mobile No.: |
91-9814834682/ 98153-34010/ 98155-01971 |
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Fax No : |
91-172-2639444 |
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Location : |
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Branch Office : |
828, Industrial Area, Phase 2, Chandigarh – 160 002, Punjab, India |
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Tel. No.: |
91-172-2639222 |
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Mobile No.: |
91-9814834682/ 98153-34010/ 98155-01971 |
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Fax No.: |
91-172-2639444 |
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Branch Office : |
No. 1/ 2, 7th Cross, Pipeline, Mysore Road, Bangalore – 560
026, Karnataka, India |
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Tel. No.: |
91-80-26756868 |
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Mobile No.: |
91-9945697413/ 9945569773/ 9342528196 |
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Fax No.: |
91-80-26754929 |
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Branch Office : |
7/24, West Patelnagar, New Delhi – 110 008, India |
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Tel. No.: |
91-11-42488884 |
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Fax No.: |
91-11-42488111 |
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Branch Office : |
3780, Langar Ke Balaji Ka Rasta, Gangouri Bazaar, Purani Basti,
Jaipur, Rajasthan, India |
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Tel. No.: |
91-141-3205820 |
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Mobile No.: |
91-9351546077 |
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Branch Office : |
Shop No. 6 and 7, Jai Shri Krishna Society, Near Sarada Hospital,
Central Avenue, Napur – 400 008, Maharashtra, India |
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Tel. No.: |
91-712-5612130 |
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Fax No.: |
91-712-5612131 |
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Branch Office : |
768/1, Bharatnagar Chowk, Ludhiana, Punjab, India |
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Tel. No.: |
91-161-5065222 |
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Mobile No.: |
91-9815334004 |
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Fax No.: |
91-161-3235522 |
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Branch Office : |
49, Tilaknagar, Aish Bagh, Lucknow – 226 001, Uttar Pradesh, India |
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Mobile No.: |
91-9412223161 |
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Branch Office : |
C/o Bipin Dubey, Old 1 Type, House No. 92, Block No. 6, O. F. M.
Muradanagar, Ghaziabad, Uttar Pradesh, India |
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Tel. No.: |
91-1232-227650 |
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Mobile No.: |
91-9350171644 |
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Branch Office : |
25, Kant Mansion, 1st Floor, Madhavdas Pasta Lane, Behind
Chitra Cinema, Dadar (East), Mumbai – 400 014, Maharashtra, India |
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Mobile No.: |
91-9322806548 |
PARTNERS
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Name : |
Mr. Tilak Raj Arora |
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Designation : |
Partner |
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Date of Birth/Age : |
38 Years |
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Qualification : |
Graduate |
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Experience : |
15 Years |
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Name : |
Mr. Surinder Arora |
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Designation : |
Partner |
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Date of Birth/Age : |
42 Years |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Name : |
Mrs. Ritika Arora |
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Designation : |
Partner |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Graduate |
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Experience : |
10 Years |
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Name : |
Mr. B D Arora |
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Designation : |
Partner |
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Name : |
Mr. Ram Prakash Arora |
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Designation : |
Partner |
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Name : |
Mr. Praveen Arora |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Ashish Aggarwal |
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Designation : |
Incharge |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Lamination Sheets, Sunmica Etc. |
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Imports : |
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Products : |
v Machinery v Others |
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Countries : |
v USA v Canada v Japan v Germany |
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Terms : |
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Selling : |
Cash and Credit ( 30 days) |
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Purchasing : |
Cash and Credit ( 30 days) |
GENERAL
INFORMATION
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Customers : |
v End Users |
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No. of Employees : |
Total : 330 (Office : 30, Factory : 300) |
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Bankers : |
v ICICI Bank Kala Amb v HDFC Bank Kala Amb v Oriental Bank of
Commerce Dera Bassi |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Not Available |
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Sister Concerns : |
v Virgo Plywood
Limited v Virgo Boards
Limited Katyani Chemtech India Limited |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 20.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Partner’s Share Capital |
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20.000 |
15.000 |
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Secured Loans |
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25.000 |
0.000 |
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Unsecured Loans |
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5.000 |
4.000 |
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Fixed Assets |
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46.800 |
45.600 |
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Investments |
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5.000 |
4.000 |
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Inventories |
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120.000 |
100.000 |
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Cash and Bank |
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6.700 |
8.200 |
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Misc. Expenses |
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5.075 |
(6.000) |
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Sales Turnover |
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700.000 |
650.000 |
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Profit/Loss for the year |
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35.000 |
29.000 |
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Import Value |
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Raw Materials |
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8.700 |
5.900 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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 :
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. 42.00 |
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UK Pound |
1 |
Rs. 82.14 |
|
Euro |
1 |
Rs. 65.09 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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 |
YES |
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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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47 |
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 |
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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 |
|
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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