MIRA
INFORM REPORT
|
Report Date : |
26.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VAE-VKN INDUSTRIES PRIVATE LIMITED |
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Formerly Known As : |
VEEKAYAN INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
24/5, Sri Ram Road, Civil Lines, Delhi – 110054 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
03.07.1997 |
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Com. Reg. No.: |
55-88339 |
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CIN No.: [Company
Identification No.] |
U28910DL1997PTC088339 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of track related items for railway sector. |
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 960000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a Indo-European Joint Venture Company having moderate
track. The company has some accumulated losses. However the same is expected to
be wiped-off soon. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
24/5, Sri Ram Road, Civil Lines, Delhi – 110054, India |
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Tel. No.: |
91-11-23965651 |
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Fax No.: |
91-11-23965653 |
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E-Mail : |
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Website : |
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Factory : |
42, Milestone, GT Road, Bahalgarh, Sonepat – 131021, Haryana, India |
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Tel. No.: |
91-130-2381298/ 2380369 |
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Fax No.: |
91-130-2381698 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Marc Kaddoura |
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Designation : |
Chairman |
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Address : |
W Esengweg 6, 8750 Judenburg, Austria |
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Date of Birth/Age : |
16.04.1946 |
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Date of Appointment : |
02.08.2004 |
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Name : |
Mr. Naresh Aggarwal |
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Designation : |
Managing Director (Co-Chairman, Marketing/ Sales/ Administrative) |
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Address : |
24-B, Alipur Road, Opposite Old Secretarial, Civin Lines, New Delhi –
110054, India |
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Date of Birth/Age : |
13.01.1953 |
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Date of Appointment : |
03.07.1997 |
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Name : |
Mr. Stefan Glanz |
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Designation : |
Joint Managing Director (Finance/IT/Logistics) |
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Address : |
Wiesengassee 8/ 8720 Apfelberg, Austria |
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Date of Birth/Age : |
04.10.1975 |
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Date of Appointment : |
02.08.2004 |
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Name : |
Mr. Kewal Krishnan |
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Designation : |
Director |
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Address : |
G. T. Road, Batala, India |
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Date of Birth/Age : |
20.06.1944 |
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Date of Appointment : |
03.07.1997 |
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Name : |
Mr. Vikas Aggarwal |
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Designation : |
Director Operations |
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Address : |
6-B, Raj Narain Marg, Civil Lines, New Delhi, India |
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Date of Birth/Age : |
19.06.1971 |
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Date of Appointment : |
01.07.2002 |
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Name : |
Mr. Johannes Rainer |
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Designation : |
Director |
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Address : |
Molbering 35a 8740 Zellweg, Austria |
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Date of Birth/Age : |
12.01.1954 |
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Date of Appointment : |
02.08.2004 |
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Name : |
Mr. Urtsa Errazti |
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Designation : |
Director |
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Address : |
C-Galmaka 4 12, Llodio, Alava, Spain |
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Date of Birth/Age : |
15.05.1954 |
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Date of Appointment : |
02.08.2004 |
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Name : |
Mr. Peter Liesens |
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Designation : |
Executive Director (Technical/ R and D) |
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Name : |
Mr. Kapil Aggarwal |
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Designation : |
Director Commercial |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 21.07.2006)
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Names of Shareholders |
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No. of Shares |
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JEZ Sistemas Ferroviarious SI |
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1409277 |
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Kewal Krishnan |
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1237260 |
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Manmohan Sarup Aggarwal |
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3247804 |
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Naresh Aggarwal |
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3247804 |
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Rakesh Aggarwal |
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1364616 |
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VAE GMBH, Austria |
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11978240 |
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Digvijay Finance Services Private Limited |
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1001800 |
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Total |
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23486801 |
(As on 07.02.2008)
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Names of Allotment |
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No. of Shares |
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JEZ Sistemas Ferroviarious Srl, Spain |
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139860 |
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Digvijay Finance Services Private Limited |
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1001800 |
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VAE GMBH, Austria |
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1188200 |
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Total |
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2329860 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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57.00 |
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Directors or relatives of directors |
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43.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of track related items for railway sector. |
GENERAL
INFORMATION
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Bankers : |
Deutsche Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. K. Gulati and Associates Chartered Accountant |
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Address : |
304, B. D. Chambers, 10/54, Desh Bandhu Gupta Road, Karol Bagh, New
Delhi – 110054, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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23486801 |
Equity Shares |
Rs.10/- each |
Rs.234.868
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
234.868 |
211.569 |
211.569 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
54.626 |
19.678 |
19.678 |
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4] (Accumulated Losses) |
(98.454) |
(99.208) |
(96.340) |
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NETWORTH |
191.040 |
132.039 |
134.907 |
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LOAN FUNDS |
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1] Secured Loans |
3.535 |
0.372 |
1.370 |
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2] Unsecured Loans |
153.673 |
113.845 |
99.970 |
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TOTAL BORROWING |
157.208 |
114.217 |
101.340 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
348.248 |
246.256 |
236.247 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
182.658 |
189.706 |
157.729 |
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Capital work-in-progress |
6.118 |
8.362 |
23.342 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
18.161 |
17.357 |
17.532 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
109.636
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57.591 |
55.606 |
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Sundry Debtors |
69.487
|
63.208 |
39.059 |
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Cash & Bank Balances |
25.514
|
2.813 |
0.077 |
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Other Current Assets |
39.835
|
42.296 |
26.058 |
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Loans & Advances |
8.619
|
0.980 |
2.391 |
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Total
Current Assets |
253.091
|
166.888 |
123.191 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
112.006
|
136.126 |
86.646 |
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Provisions |
0.110
|
0.106 |
0.116 |
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Total
Current Liabilities |
112.116
|
136.232 |
86.762 |
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Net Current Assets |
140.975
|
30.656 |
36.429 |
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MISCELLANEOUS EXPENSES |
0.336 |
0.775 |
1.215 |
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TOTAL |
348.248 |
246.256 |
236.247 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
450.531 |
371.510 |
259.874 |
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Other Income |
5.217 |
0.767 |
0.000 |
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Total Income |
455.748 |
372.277 |
259.874 |
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Profit/(Loss) Before Tax |
0.782 |
(2.044) |
(18.406) |
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Provision for Taxation |
0.028 |
0.824 |
2.122 |
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Profit/(Loss) After Tax |
0.754 |
(2.868) |
(20.528) |
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Export Value |
36.567 |
17.323 |
NA |
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Imports : |
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Raw Materials |
14.378 |
0.000 |
NA |
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Stores & Spares |
1.463 |
1.837 |
NA |
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Capital Goods |
16.257 |
14.028 |
NA |
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Total Imports |
32.098 |
15.865 |
NA |
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Expenditures : |
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Depreciation & Amortization |
27.500 |
18.289 |
15.357 |
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Other Expenditure |
427.466 |
356.032 |
262.923 |
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Total Expenditure |
454.966 |
374.321 |
278.280 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.17
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(0.77) |
(7.89) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.17
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(0.55) |
(7.08) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.18
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(0.57) |
(6.55) |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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(0.02) |
(0.14) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.41
|
1.90 |
1.39 |
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Current Ratio (Current Asset/Current Liability) |
|
2.26
|
1.23 |
1.42 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 8/2 – A/3,
Jamna Road, Civil Lines, Delhi – 110054, India to the present address w.e.f
07.02.2008
Website Details:
Profile:
Subject, Sonepat (Haryana) (formerly known as Veekayan Industries Private Limited) is a joint venture, multinational company in collaboration with VAE GmbH, Austria, globally renowned and a pioneer company in the field of Railway Track Systems and its affiliate company JEZ Sistemas Ferroviarios S.L., Spain, specialized in manufacture of CMS Crossings for conventional, heavy-haul and high-speed applications.
Company has achieved unambiguous competence through this joint venture to
produce indigenously all the components constituting the track structure with
the latest technology till date available.
Company is well equipped with most modern and state of the art infrastructure
and technical back up by VAE and their associates all over the world over to
produce and meeting quality requirement of the customers in all respects.
Company is an RDSO-certified Class-A Foundry, approved supplier for a wide
range of trackwork products for Indian Railways and ISO 9001:2000 certified.
The Company is managed by competent, well qualified technical, commercial and
managerial professionals merging international and local Indian expertise.
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.44.07 |
|
UK Pound |
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.64.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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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 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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 |
|