MIRA
INFORM REPORT
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Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIRGO ENGINEERS LIMITED |
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Registered Office : |
277, Hinjenwadi Phase II, Maan (Mulshi), Pune-411057, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.06.1987 |
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Com. Reg. No.: |
11-43673 |
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CIN No.: [Company
Identification No.] |
U28939PN1987PLC043673 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV00608G |
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PAN No.: [Permanent
Account No.] |
AAACV1586H |
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Legal Form : |
Closely held public limited liability company |
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Line of Business : |
Manufacturing, buying, selling, distributing, importing and
exporting of all kinds of engineering goods and articles |
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 3100000 |
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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. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. 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 : |
277, Hinjenwadi Phase II, Maan (Mulshi), Pune-411057, Maharashtra,
India |
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Tel. No.: |
91-20-66744000 |
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Fax No.: |
91-20-66744021 |
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E-Mail : |
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Website : |
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Butterfly valves and Actuator sales : |
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Tel. No.: |
91-20-27443951 -55 |
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Fax No.: |
91-20-56116935 |
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Corporate Office : |
North and South
America Virgo Engineers
Inc. 2900, Wilcrest Drive, Suite 490, Houseon, TX -77042, USA |
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Tel. No.: |
+1-713-5543143 |
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Fax No.: |
+713-5543148 |
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Sales and Distribution Virgo Engineer Inc. : |
13219, N. Promenade, Blvd, Staffor, Texas -77477, USA, |
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Tel. No.: |
+1-281-4910400 |
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Fax No.: |
+1-281-4910444 |
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Overseas offices : |
Located at:- Ø
Continental Europe Ø
United Kingdom Ø
Mioddle East and Africa Ø
Far East Asia |
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Branches : |
Located At: ·
Mumbai ·
Baroda ·
New Delhi ·
Chennai ·
Kolkata |
DIRECTORS
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Name : |
Mr. Vaidyanath Sathnur Balsubramanian |
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Designation : |
Whole-time –director |
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Address : |
F-504, Ganga Estate, Off Ghatla Village, Chembur, Mumbai-400071,
Maharashtra, India |
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Date of Birth/Age : |
12.09.1945 |
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Date of Appointment : |
08.06.1987 |
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Name : |
Mr. Mahesh Shivanand Desai |
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Designation : |
Director |
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Address : |
B-11/12, Chaitraban Residency, Off
ITI Road, Aundh, Pune-411007, Maharashtra, India |
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Date of Birth/Age : |
16.09.1956 |
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Date of Appointment : |
08.06.1987 |
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Name : |
Mr. Jagdish Shivanand Desai |
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Designation : |
Director |
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Address : |
F/2, Shanti Co-operative Housing Society, Mogal Lane, Mahim,
Mumbai-400016, Maharashtra, India |
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Date of Birth/Age : |
21.01.1959 |
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Date of Appointment : |
01.07.1995 |
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Name : |
Mr. Rajaram Moreshwar Ajgaonkar |
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Designation : |
Diector |
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Address : |
Mandar,Opposite Buramshell, Pump, Juhu Tara Road, Santacruz (West),
Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
07.02.1958 |
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Date of Appointment : |
10.07.1995 |
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Name : |
Mrs. Hetal Madhukant Gandhi |
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Designation : |
Additional Director |
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Address : |
Rosy CHS, Flat No. 61, North Avenue, Sancruz (West), Mumbai-400054,
Maharashtra, India |
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Date of Birth/Age : |
29.07.1965 |
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Date of Appointment : |
18.10.2006 |
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Name : |
Mr. Vellore R. Jayaraman |
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Designation : |
Executive Director |
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Address : |
H-4, Duplex
Shrinath Heritage, Pashian, Pune-411008, Maharashtra, India |
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Date of Birth/Age : |
22.06.1951 |
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Date of Appointment : |
16.10.2001 |
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Name : |
Mr. Arun M. Shiroor |
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Designation : |
Executive Director |
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Address : |
8, Dhanshree
Apartments, S.No.133/1-2, Off ITI Road, Pune-411007, Maharashtra, India |
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Date of Birth/Age : |
07.02.1958 |
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Date of Appointment : |
01.11.2003 |
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Name : |
Mr. Kishore A. Kulkarni |
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Designation : |
Director |
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Address : |
33, ICICI Apartments,
Spring Mills Compound, Mumbai-400014, Maharashtra, India |
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Date of Birth/Age : |
18.06.2004 |
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Name : |
Mr. Bill Neimann |
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Designation : |
Director |
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Address : |
12009, Remington Road,
Oklahoma City, OK 73170, USA |
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Date of Birth/Age : |
04.11.1943 |
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Date of Appointment : |
20.07.2005 |
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Name : |
Mr. Paresh Jaisingh
Rajda |
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Designation : |
Director |
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Address : |
F34, Chaitraban
Society, Sarjaa Lane, Aundh, Pune-411007, Maharashtra, India |
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Date of Birth/Age : |
18.01.1957 |
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Date of Appointment : |
27.07.2006 |
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Name : |
Mr. P. D. Ramnath |
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Designation : |
Director |
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Name : |
Ms. Latika Ahuja |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Paresh Rajda |
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Designation : |
Executive |
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Name : |
Mr. Manoj Kohok |
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Designation : |
Company Secretary |
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Address : |
Shreeeramkunj,
43/7, Navsahyadri Housing Society, Karvenagar, Pune-411052, Maharashtra,
India |
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Date of Birth/Age : |
28.08.1967 |
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Date of Appointment : |
13.08.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Anand Deepak Shah (HUF) |
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11250 |
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Gautam Deepak Shah (HUF) |
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11250 |
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Sathe Sarang R |
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18000 |
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Kulkarni Sheetal Deepak |
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24000 |
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Shanbhag Premala Mohan |
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8400 |
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Nayak Ramesh Anant |
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8400 |
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Vannarase Hrishikesh S |
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12000 |
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Pai Rajendra V |
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12000 |
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Kumta Meena |
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17400 |
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S.N. Srinivasan |
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48000 |
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S.N Srinivasan |
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180000 |
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G Suresh |
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1200 |
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Usha Muthukrishnan |
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1200 |
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Kembhavi Aruna A |
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1200 |
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Nayak Vinaya Vinod |
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2400 |
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Prashant Shivanand Kasbekar |
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4000 |
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Mahesh S Desai |
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133002 |
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Sunita S Despande |
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2000 |
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Nitin D Kanade |
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20000 |
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Rajesh S Walawalkar |
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6000 |
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Rajan V Joshi |
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2000 |
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Dhananjay S Kelkar |
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2000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, buying, selling, distributing, importing
and exporting of all kinds of engineering goods and articles |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 2000 |
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Bankers : |
Ø
Bank of Baroda, 1303, Shivaji Nagar Branch, Off JM Road, Pune - 411
005, Maharashtra, India Ø Bank of Maharashtra, Main Branch Ø Saraswat Bank, Legal Department Ø Canara Bank, Industrial Finance Branch, M.G. Road, Camp, Pune-411001, Maharashtra, India Ø ING Vysya Bank Limited Ø Union Bank of India Ø State Bank of India Ø Kotak Mahindra Bank Limited, 36-38, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra,India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
C-401,
Fourth Floor, Panchshil Tech Park, Yerwada, Pune-411006, Maharashtra, India |
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Associates/Subsidiaries : |
Ø
Automax Mecair (Industries) Limited Ø Virgo Engineers Inc., USA Ø Virgo Valves and Controls Limited U29120MH2004PLC146916 Ø Vintrol India Limited U29299PN2004PLC019901 Ø Vintrol Inc. USA Ø Automax Mecair India Limited Ø Virgo Control System Private Limited Ø Deltech Controls Limited Ø Deltech Controls LLC, USA Ø
Stafford Controls Limited U29120PN2003PLC017844 Ø
Virgo Europe Spa Address: Via Torino 3/5 – 20039 Varedo Milano (Italy) Tel No. : +39 0362 589711 Fax. No.: +39 0362 554439 Website : www.virgoeurope.com
Virgo Valves and Controls (UK) Limited Address: 31 Bluecoat Court Hertford, Herts SG14 1AY,
U.K Phone: +44 7796 147142 Fax: +44 1920 413304 Email : hvanarase@virgoengineers.com Virgo Valves and Controls Limited Address: Unit - FZS1
AH07, Jebel Ali Free Zone, P.O Box - 18748, Dubai – UAE Phone - +971-4-8860980 Fax - +971-4-8860981 Email : agupta@Virgoengineers.com
Virgo Valves and
Controls Limited Address: Suite 1904, 19th Floor, Kenanga
International, Phone : +60 3 2161 8260 Fax : + 60 3 2166 6489 Email : ajagnade@virgoengineers.com
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CAPITAL STRUCTURE
As on 15.09.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21078044 |
Equity Shares |
Rs. 10/- each |
Rs. 210.780
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
210.780 |
105.390 |
99.618 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
428.318 |
440.502 |
120.368 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
639.098 |
545.892 |
219.986 |
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LOAN FUNDS |
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1] Secured Loans |
578.608 |
194.653 |
52.731 |
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2] Unsecured Loans |
29.810 |
0.000 |
12.214 |
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TOTAL BORROWING |
608.418 |
194.653 |
64.945 |
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DEFERRED TAX LIABILITIES |
21.619 |
18.721 |
12.819 |
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EMPLOYEES STOCK OPTION OUTSTANDING |
0.567 |
0.233 |
0.000 |
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TOTAL |
1269.702 |
759.499 |
297.750 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
390.180 |
301.216 |
114.980 |
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Capital work-in-progress |
78.468 |
24.416 |
34.658 |
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INVESTMENT |
110.122 |
110.122 |
19.057 |
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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 |
483.554
|
293.890 |
120.733
|
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Sundry Debtors |
583.487
|
358.744 |
186.629
|
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Cash & Bank Balances |
32.389
|
30.727 |
18.730
|
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Other Current Assets |
158.562
|
82.183 |
16.413
|
|
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Loans & Advances |
175.457
|
115.034 |
39.270
|
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Total
Current Assets |
1433.449
|
880.578 |
381.775 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
680.822
|
509.548 |
243.166
|
|
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Provisions |
61.695
|
47.476 |
10.266
|
|
Total
Current Liabilities |
742.517
|
557.024 |
253.392 |
|
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Net Current Assets |
690.932
|
323.554 |
128.383 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.191 |
0.672 |
|
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TOTAL |
1269.702 |
759.499 |
297.750 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
2225.306 |
1345.618 |
779.022 |
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Other Income |
88.106 |
21.047 |
65.851 |
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Total Income |
2313.412 |
1366.665 |
844.873 |
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Profit/(Loss) Before Tax |
275.710 |
166.459 |
116.882 |
|
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Provision for Taxation |
80.007 |
57.768 |
25.047 |
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Profit/(Loss) After Tax |
195.703 |
108.691 |
91.835 |
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Earnings in Foreign Currency : |
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Export Earnings |
1183.226 |
802.003 |
NA |
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Expenditures : |
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Raw Material Consumed |
1410.508 |
902.224 |
535.756 |
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Purchases made for re-sale |
46.793 |
1.260 |
0.721 |
|
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Consumption of stores and spares parts |
19.673 |
14.139 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[117.108] |
[86.430] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
127.536 |
70.598 |
0.000 |
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Managerial Remuneration |
1.905 |
7.984 |
0.000 |
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Payment to Auditors |
2.168 |
1.343 |
0.000 |
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Interest |
85.936 |
36.758 |
0.000 |
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Insurance Expenses |
3.406 |
1.758 |
0.000 |
|
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Power & Fuel |
16.106 |
9.167 |
0.000 |
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Depreciation & Amortization |
43.355 |
27.462 |
17.601 |
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Other Expenditure |
397.424 |
213.943 |
173.913 |
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Total Expenditure |
2037.702 |
1200.206 |
727.991 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
8.46
|
7.95 |
10.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.39
|
12.37 |
15.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.12
|
43.59 |
23.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.30 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
1.38 |
1.45 |
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Current Ratio (Current Asset/Current Liability) |
|
1.93
|
0.14 |
1.51 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
VIRGO ENGINEERS
LIMITED |
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Presented By |
Mr. V. R. Jayaraman, Director |
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1) Date and description of instrument creating the change |
Working Capital Consortium Agreement Joint Deed of Hypothecation. (Both Agreements dated 03.12.2005 and constitute a single
charge) |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs.327.5 millions
(Details of Facility Structure – As per Agreement) |
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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 |
The whole of the current assets of Borrower namely Stocks
of Raw Material, Stock in Process, Semi- finished and Finished Goods, Stores
and Spares not relating to Plant and Machinery (Consumables Stores and
Spares), Bills receivables and book debts and all other movables both present
and future whether now lying loose or in cases or which are now lying or
stored in or about or shall hereinafter from time to time during the
continuance of the security of these presets be brought into or upon or be
stored or be in or about of the Borrower’s factories, premises and godowns
situated at J-517, J-525, J-156 and J-160, MIDC Industrial Area, Off Telco
Road, Bhosari, Pune-411026 in the State of Maharashtra or wherever else the
same be or to be held any party to the order or disposition of the Borrower
or in the course of transit or on order or delivery, howsoever and where to
ever in the possession of the Borrower and either by way of substitution or
addition.
The hypothecated assets shall be security by way of first
charge in favour of the said banks jointly and to each of them severally. |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Interest shall be charged on the outstanding in the said
accounts at such rate or rates as may be determined by the said Banks from
time to time and if such rate or rates is or are linked to the Commercial Bank
Advance Rate, then the effective rate of interest on such accounts shall
correspondingly stand charged on account of any revision therein fro the date
of any such revision. |
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5) Name and Address and description of the person entitled
to the charge. |
Canara Bank, Industrial Finance Branch, M.G. Road, Camp,
Pune-411001, Maharashtra, India
ING Vysya Bank Limited, 928, F.C. Road, Pune-411004
Bank of Baroda, 1303, Shivaji Nagar Branch, Off JM Road, Pune - 411 005, Maharashtra, India
Union Bank of India, Industrial Finance Branch, 619,
Sachapir Street, Pune-411001 |
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6) Date and brief
description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10103796 |
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Corporate
identity number of the company |
U28939PN1987PLC043673 |
|
Name of the
company |
VIRGO ENGINEERS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
277, Hinjenwadi Phase II, Maan (Mulshi), Pune-411057, Maharashtra,
India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38, Nariman Bhavan, 227,
D, Nariman Point, Mumbai-400021, Maharashtra,India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry(MOE) |
|
Date of
instrument Creating the charge |
15.07.2008 |
|
Amount secured by
the charge |
Rs. 195.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
for cash credit and letter of credit or buyer credit facility shall be
floating over the tenure of the facility and it shall be linked with the
bank’s benchmark prime lending rate. Terms of
Repayment Cash Credit : On
Demand Purchase Bill
Discounting/ WCDL: By debit to Borrower’s Current Account PCFC : Repayment
out of Export Bills Discounted with the Bank or out to Export realsations. Margin Cash Credit /
WCDL: 25% on stock and book debts PCFC : 5% Letters of
Credit/ Buyers Credit / Bank Guarantee: 5% Extent and
Operation of the charge Second pari passu
charge on the immovable properties of the company to secured working capital
facilities – Fund based Rs. 120.000 Millions , Nion-fund based Rs. 75.000
Millions |
|
Short particulars
of the property charged |
Second pari passu
charge on immovable properties of the company situated at plot No. J-525
situated at Pimpari Industrial area , Bhosari, Taluka Pune and Ladn at S-2787
(Old S No. 322) Hissa No. 1 (Old Hissa No., 4) situated at village Maan,
Taluka Mulshi, Pune more particularly described in the second schedule to the
MOE (Attached) |
Fixed Assets:
Ø
Leasehold Land
Ø
Freehold Land
Ø
Leasehold Improvement
Ø
Buildings
Ø
Furniture and Fixture
Ø
Plant and Machinery
Ø
Electrical Installation
Ø
Computers
Ø
Office Equipments
Ø
Vehicles
Ø
Goodwill
Ø
Technical Know How
Ø
Software7
AS PER WEBSITE
Profile:
Infrastructure:
Subject is serving the Energy and Process Industry since
1986. Subject was founded by a group of technocrats with decades of experience in
Industrial Valves. After functioning initially as a system house for Automated
Valve Systems, Virgo launched its own range of Ball & Butterfly Valves.
Virgo today manufactures complete range of Floating and
Trunnion Mounted Ball Valves and also specialty Valves such as 3-way Valves,
Jacketed Valves, Valves with extended stem, cryogenic Valves and so on. Virgo
has the capability to manufacture valves in special materials like Hastelloy,
Duplex and super Duplex stainless steel, Inconel and other exotic grades.
Stafford Brand Butterfly valves and Pneumatic Valve
Actuators manufactured by Virgo serve diverse industrial markets. Virgo’s range
of Automation packages cover specialized systems like Valves with Gas or Gas
Over Oil Actuators, Line Break system, Fire proof Actuator system, Motor
operated systems, Hydraulically/Electro Hydraulic operated systems, Valves with
Digital Partial Stroking and such.
Manufacturing:
Virgo products are manufactured in its new state-of-the–art
manufacturing plant spanning over 15,000 sq.m. in Pune, India. Manufacturing
infrastructure in these plants, including the high-end CNC machines and modern
manufacturing practices such as ‘Cellular Manufacturing’ make sure high quality
valves are produced in the most efficient manner. They employ over 500 persons
in India.
Virgo’s European manufacturing plant in Pogliano (Milan)
Italy is ISO 9001:2000 certified and is geared to manufacture large trunnion
mounted ball valves up to 56” (1,400 mm) NB. The 12 man team of competent valve
engineers design and deliver valves with complex specifications required by the
Oil / Gas Industry all over the world.
Improving valve design to incorporate new customer
specification demands or features is an on-going process at Virgo. The 19 men
Design Engineering Cell is continually working to innovate, refine and prove
the products. The engineers are equipped with modern software & design aids
such as AutoCAD, I-Deas and Ansys where product design generation and
verification is possible through Finite Element Analysis (FEA) etc. Final
prototype is also checked through physical testing and field trials before
being launched.
News:
April 2008
Virgo commissions new manufacturing facility at Coimbatore,
TN, India
Virgo is pleased to announce inauguration of its
manufacturing facility on an 18 acre (785 000 Sq feet) land in Coimbatore on
1st April, 2008. This facility has commenced manufacturing of floating and
trunnion mounted ball valves. Construction of second plant building is underway
and is likely to be ready by Sept. '08. This new plant will have capacity
to manufacture all Valves upto 36" 600# rating.
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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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 |
|