MIRA
INFORM REPORT
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Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
VELTRONICS INDIA PRIVATE LIMITED |
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Registered Office : |
211, Apollo Tower, 2 MG Road, Indore – 452 001, Madhya Pradesh. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
13.03.2001 |
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Com. Reg. No.: |
14589 |
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CIN No.: [Company
Identification No.] |
U30007MP2001PTC014589 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Trader For Computer And Their Parts, They Are Also Providing Net
Working Solutions. |
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 16000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints. |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Gopal Verma |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9755530306 |
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Date : |
09.12.2008 |
LOCATIONS
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Registered Office : |
211, Apollo Tower, 2 MG Road, Indore – 452 001, Madhya Pradesh, India. |
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Tel. No.: |
91-731-2515381 / 2 |
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Mobile No.: |
91-9755530306 |
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Fax No.: |
91-731-2527296 |
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E-Mail : |
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Website : |
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Area : |
1200 sq.fts. |
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Location : |
Owned |
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Showroom : |
G 10, G 20, Apollo Tower, M.G. Road, Indore, Madhya Pradesh, India |
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Area : |
700 sq.fts. |
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Location : |
Owned |
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Corporate Office : |
209-212, Apollo Tower, 2 MG Road, Indore – 452 001, Madhya Pradesh,
India. |
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Area : |
580 sq.fts. |
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International Office : |
31 Bush Parkway,
East Brunswick, New Jersy- 08816 |
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Cell. No.: |
1 (848) 391 7812 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Nasir Ali |
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Designation : |
Director |
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Address : |
204, Al Azhar Apartment, 160 Khatiwala Tank, Indore – 452 014, Madhya
Pradesh, India. |
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Date of Birth/Age : |
30.12.1965 |
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Qualification : |
BE |
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Date of Appointment : |
13.03.2001 |
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Name : |
Mr. Vikas Gupta |
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Designation : |
Director |
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Address : |
75, Swami Vivekanand Nagar, Indore – 452 001, Madhya Pradesh, India. |
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Date of Birth/Age : |
06.06.1966 |
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Qualification : |
BE |
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Date of Appointment : |
13.03.2001 |
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Name : |
Mr. Sanjeev Gupta |
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Designation : |
Director |
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Address : |
75, Swami Vivekanand Nagar, Indore – 452 001, Madhya Pradesh, India. |
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Date of Birth/Age : |
23.12.1963 |
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Date of Appointment : |
23.06.2007 |
KEY EXECUTIVES
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Name : |
Mr. Gopal Verma |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2008
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Names of Shareholders |
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No. of Shares |
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Mr. Vikas Gupta |
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35100 |
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Mr. Nasir Ali |
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31100 |
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Ms. Archana Gupta |
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25000 |
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Ms. Rachana Gupta |
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20000 |
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Mr. Shahnaj Ali |
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10000 |
List of Allottee as on 17.03.2008
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Names of Allottee |
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No. of Shares |
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Mr. Sanjeev Gupta |
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4000 |
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Total |
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4000 |
AS ON 31.03.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader For Computer And Their Parts, They Are Also Providing Net
Working Solutions. |
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Terms : |
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Selling : |
Cash and Credit (15 – 20 days) |
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Purchasing : |
Cash and Credit (21 days ) |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
15 |
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Bankers : |
Ø Allahabad Bank,
Embassy Towers, New Palasia, Indore – 452 001, Madhya Pradesh, India. Ø HDFC Bank
Limited Ø ICICI Bank
Limited |
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Facilities : |
They enjoy cash and credit facilities of Rs.3.000 millions from its
bankers. (Allahabad Bank, ) Secured loans as
on 31.03.2008
Unsecured loans
as on 31.03.2008
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S.C.Solanki and Company Chartered Accountant |
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Address : |
Apollo Tower, 2 MG Road, Indore – 452 001, Madhya Pradesh, India. |
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Tel. No.: |
91-731-2526709 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 10/- Each |
Rs.1.500
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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114800 |
Equity Shares |
Rs. 10/- Each |
Rs.1.148 Millions |
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 |
1.148 |
0.903 |
0.903 |
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2] Share Application Money |
0.918 |
1.898 |
1.898 |
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3] Reserves & Surplus |
1.181 |
0.313 |
0.278 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.247 |
3.114 |
3.079 |
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LOAN FUNDS |
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1] Secured Loans |
4.666 |
4.866 |
3.634 |
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2] Unsecured Loans |
1.734 |
1.155 |
0.000 |
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TOTAL BORROWING |
6.400 |
6.021 |
3.634 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.647 |
9.135 |
6.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.619 |
2.520 |
2.164 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.039 |
0.038 |
0.037 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.427
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2.181 |
1.075 |
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Sundry Debtors |
10.108
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17.349 |
9.148 |
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Cash & Bank Balances |
0.663
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0.127 |
0.299 |
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Other Current Assets |
1.535
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1.613 |
1.431 |
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Loans & Advances |
0.133
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0.116 |
0.122 |
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Total
Current Assets |
14.866
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21.386 |
12.075 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.310
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14.487 |
7.463 |
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Provisions |
0.583
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0.343 |
0.127 |
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Total
Current Liabilities |
7.893
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14.830 |
7.590 |
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Net Current Assets |
6.973
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6.556 |
4.485 |
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MISCELLANEOUS EXPENSES |
0.016 |
0.021 |
0.027 |
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TOTAL |
9.645 |
9.135 |
6.713 |
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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 |
74.189 |
81.580 |
67.720 |
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Other Income |
1.369 |
1.160 |
1.605 |
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Total Income |
75.558 |
82.740 |
69.325 |
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Profit/(Loss) Before Tax |
0.348 |
0.168 |
0.133 |
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Provision for Taxation |
(0.098) |
(0.146) |
(0.146) |
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Profit/(Loss) After Tax |
0.446 |
0.314 |
0.279 |
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Expenditures : |
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Administrative Expenses |
5.367 |
4.733 |
4.374 |
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Purchases made for re-sale |
69.132 |
78.246 |
63.562 |
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Increase/(Decrease) in Finished Goods |
(0.244) |
(1.135) |
0.856 |
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Interest |
0.603 |
0.510 |
0.205 |
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Depreciation & Amortization |
0.352 |
0.218 |
0.195 |
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Total Expenditure |
75.210 |
82.572 |
69.192 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.59
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0.37 |
0.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.46
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0.20 |
0.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.99
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0.70 |
0.93 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.05 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.40
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6.69 |
3.64 |
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Current Ratio (Current Asset/Current Liability) |
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1.88
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1.44 |
1.59 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES
Ø
Pratiba Sintex Private Limited, Pritampur, Indore
Ø
Mahalya Engines Components India Private Limited, Pritampur, Indore
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90205888 |
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Corporate
identity number of the company |
U30007MP2001PTC014589 |
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Name of the
company |
VELTRONICS INDIA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
209-212, Apollo Tower, 2 MG Road, Indore – 452 001, Madhya Pradesh,
India. |
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Type of charge |
Book debts Movable property (not being pledge) |
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Particular of
charge holder |
Allahabad Bank, Embassy Towers, New Palasia, Indore – 452 001, Madhya Pradesh, India. |
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Nature of
description of the instrument creating or modifying the charge |
First supplementary
general letter of hypothecation dated: - 31.10.2006 for modification of
charge as hypothecation of goods and assets of the company. |
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Date of
instrument Creating the charge |
31.10.2006 |
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Amount secured by
the charge |
Rs.6.000 millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest 11.5% at BPLR Terms of
repayment On demand Margin 25% on stock and
book debts. Extent and
operation of the charge Charge on the
hypothecation property and book debts |
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Short particulars
of the property charged |
Book debts and
stocks of the company situate at 208-212, Apollo Towers, 2 MG Road, Indore. |
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Date of latest
modification prior to the present modification |
07.10.2003 |
FIXED ASSETS
Ø Computer
Ø Epabx
Ø Furniture And Fixture
Ø Machinery And Tools
Ø Mobile
Ø Office Equipments
Ø Vehicle
Ø Fax Machine
AS PER WEB SITE DETAILS
COMPANY PROFILE
They aim to deliver Quality solutions to their esteemed customers. They have provided solutions to Automobile industry,Pharma industry, White goods dealers/distributors, Defence, professionals, Travel industry,Hospitals,Business schools. They are among first six companies to get certification from Intel as Intel's Authorized Solution Consultants and Intel's .Integration Specialist.
They also have certified manpower from Microsoft, Hewlett Packard and various other multinational companies from Microsoft, Hewlett Packard and various other multinational companies
- They are experienced System Integrator who assure you of smooth
functioning
- They deliver computer systems with 100% Genuine Components.
- They are Integrating Systems with the Mission of excellent
Quality Product.
- Their Systems are Better in Quality, finishing, processing power and Aesthetics.
- Computer Manufacturing, Sales and Service
- LAN, WAN Solutions
- Computer Peripherals
Finance
In today's dynamic global business environment, it
is a necessity to continuously develop innovative and cost effective IT
solutions.They have developed financial management system for the financial
functionality of an enterprise.
Salary Manager (Software for the Salary Management) Financial Management System
Insurance
The insurance industry has been marked with many
challenges, which include:
Consolidation, convergence, and
globalization
Broadening distribution
Rapidly developing technology.
Changing customer concerns and their buying behavior.
All these factors have created an
industry of cutting edge services and enriched customer experience.
Consequently, automation has now become an essential prerequisite for any
insurance firm who want to be successful.
As a total solution provider
they offer, financial management software, Salary Manager Software and
supporting hardware as well as Professional Services, training and methodology
to ensure fast and efficient implementation. They provide customized softwares
for your requirements.
Veltronics can provide :
Professional Services
Information Systems Strategy Planning
Customized Software Solutions
Software Package Evaluation and Implementation
Application Maintenance
Migration and Reengineering
- 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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 |
NO |
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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 |
|
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
|
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 |
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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 |
|
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 |
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