MIRA
INFORM REPORT
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Report Date : |
29.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
VICTOR SWITCH GEAR PRIVATE LIMITED |
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Registered Office : |
Raniviraj 6, Asher Estate, Nashik Road, Nashik – 422 101, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.06.2005 |
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Com. Reg. No.: |
11.154156 |
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CIN No.: [Company
Identification No.] |
U31909MH2005PTC154156 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKV01638A |
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PAN No.: [Permanent
Account No.] |
AACCV0651K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Sheet Metal Fabrication Components and Electrical
Panels. |
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 39000 |
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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 just a two and half years old company but has shown
satisfactory progress. Trade relations are fair. Business is active. Payments
are reported as 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 : |
Raniviraj 6, Asher Estate, Nashik Road, Nashik – 422 101, Maharashtra,
India |
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E-Mail : |
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Factory : |
A – 11, Nice Area, MIDC, Satpur, Nashik – 422 007, Maharashtra, India |
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Tel. No.: |
91-253-6611301 |
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Fax No.: |
91-253-6611319 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vijay Rishided Shastri |
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Designation : |
Director |
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Address : |
Raniviraj 6, Asher Estate, Nashik Road, Nashik – 422 101, Maharashtra,
India |
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Date of Appointment : |
Since Incorporation |
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Name : |
Mr. Nitish Vijay Shastri |
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Designation : |
Director |
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Address : |
Raniviraj 6, Asher Estate, Nashik Road, Nashik – 422 101, Maharashtra,
India |
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Date of Appointment : |
Since Incorporation |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vijay R Shastri |
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5000 |
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Mr. Nitish V Shastri |
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5000 |
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Total |
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10000 |
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Names of Shareholders |
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Percentage of
Holding |
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Directors of 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 : |
Manufacturing of Sheet Metal Fabrication Components and Electrical
Panels. |
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Products : |
* Sheet Metal
Fabrication Components * Electrical
Panels |
GENERAL
INFORMATION
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Bankers : |
* ABN Amro Bank NV,
Nashik Branch, Krushi Nagar, College Road, Nashik – 422 005, Maharashtra,
India * Bank
of Maharashtra, SSI Branch, MIDC Area, Satpur, Nashik 422 007, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S S Mutha and Company Chartered Accountants |
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Address : |
308, Sarda Sankil, M G Road, Nashik 422 001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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6.041 |
3.345 |
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3] Reserves & Surplus |
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3.497 |
0.524 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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9.638 |
3.969 |
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LOAN FUNDS |
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1] Secured Loans |
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7.602 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.150 |
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TOTAL BORROWING |
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7.602 |
0.150 |
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DEFERRED TAX LIABILITIES |
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0.357 |
0.049 |
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TOTAL |
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17.597 |
4.168 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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25.825 |
2.291 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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9.684 |
5.750 |
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Sundry Debtors |
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21.909 |
6.843 |
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Cash & Bank Balances |
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4.378 |
10.342 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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9.619 |
2.974 |
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Total
Current Assets |
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45.590 |
25.909 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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49.548 |
22.178 |
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Provisions |
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4.390 |
1.860 |
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Total
Current Liabilities |
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53.938 |
24.038 |
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Net Current Assets |
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(8.348) |
1.871 |
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MISCELLANEOUS EXPENSES |
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0.120 |
0.006 |
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TOTAL |
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17.597 |
4.168 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover (including other income) |
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157.924 |
35.825 |
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Total Income |
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157.924 |
35.825 |
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Profit/(Loss) Before Tax |
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4.580 |
0.837 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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4.580 |
0.837 |
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Expenditures : |
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Interest |
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5.157 |
0.797 |
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Depreciation & Amortization |
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1.526 |
0.101 |
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Other Expenditure |
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146.661 |
34.091 |
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Total Expenditure |
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153.344 |
34.989 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.90 |
2.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.90 |
2.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.41 |
2.97 |
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Return on Investment (ROI) (PBT/Networth) |
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0.47 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.42 |
7.10 |
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Current Ratio (Current Asset/Current Liability) |
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0.84 |
1.08 |
LOCAL AGENCY FURTHER
INFORMATION
FORM 8
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Name of the company |
VICTOR SWITCH
GEAR PRIVATE LIMITED |
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Presented By |
Mr. Nitesh Shastri |
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1) Date and description of instrument creating the change |
Composite deed of hypothecation for all facilities dated 09.12.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 million |
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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 |
Stock of raw material, semi finished and finished goods, stores and spares, bills receivables and book debts and all other movables. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25%, rate of interest 12.25% p.a. with monthly rests. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Maharashtra SSI Branch, MIDC Area, Satpur, Nashik 422 007, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U31909MH2005PTC154156 |
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Name of the company |
VICTOR SWITCH
GEAR PRIVATE LIMITED |
|
Address |
Raniviraj 6, Asher Estate, Nashik Road, Nashik – 422 101, Maharashtra,
India |
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Type of Charges |
Book debts, movable property |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Bank of Maharashtra SSI Branch, MIDC Area, Satpur, Nashik 422 007, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
Composite deed of hypothecation for all facilities i.e. cash credit Rs. 2.000 millions and term loan Rs. 5.225 millions, total Rs. 7.225 millions |
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Date of the instrument creating charge |
15.01.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 7.225
millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 10.75% Terms of repayment: cash credit facility to be reviewed within one year and term loan to be repaid by 60 EMI of Rs. 0.113 million Margin: 25% Extent and operation of the charge: as per agreement |
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Short particulars of the Property charged |
Movable plants, machineries, goods, stocks of raw materials, items, inventories, stocks in process, semi finished and finished goods, stores and spares, stock in trade, goods in process, outstanding monies, claims, bills, receivable, book debts |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
AS PER WEB:
Profile
Subject was incorporated on 22/07/06, promoted by directors with
experience in manufacturing of sheet metal fabrication components and
electrical panels.
Their turnover in April 2006 - March 2007 stands at 205.000 millions or USD $5
Million.
Subject is a registered and approved vendor to ABB
Limited manufacturing medium voltage electricity distribution panels and L&T
EBG manufacturing low voltage panels and distribution boxes.
At present they are manufacturing an average of 100 panels per month and 200
distribution boxes per day.
Expertise is in
*
Manufacturing (including wiring and testing) electricity distribution
boxes, panels and complete switchboards
*
Sheet metal fabrication
Significant captive consumption requirements made it possible for to invest in the latest technology in sheet metal fabrication and a fully automatic conveyorised powder coating plant supported by a 10 tank metal pre treatment process.
Products &
Services
* Sheet Metal Fabrication
* Electrical and Networking wiring
* Painting (Powder Coating)
* Sub-assemblies & contract manufacturing
Key Features of the
Products and Services
* Quality and service are the engines of growth.
* Qualified engineers and testing facilities available with ensure that they remain Green Channel Suppliers to all customers
* Stringent adherence to quality systems and specifications has helped to achieve ISO 9001- 2000 certification from TUV NORD & TUV NABCB
* Continuous up gradation of quality systems and urge to surpass expectations of customers ensure that they remain customer’s first choice and most preferred supplier all the time
Comparative
Advantages in Production
* Cost - efficient manpower
* Availability of requisite skilled, qualified work- force
* Adoption to stringent quality systems
* Adequate infrastructure like land, building & power
* Networking of SMEs having abundant production capabilities
* ISO, QS & TS certified sub-contractors
* In-house testing, calibration, packing, warehousing & Transportation facilities
News
29.01.07: Victor SG gets empanelled with L&T EBG for the manufacture of low voltage
panels and distribution
boxes.
12.09.06: Victor SG gets empanelled at ABB Limited for the manufacture of medium voltage
electricity distribution
panels.
22.07.06: Victor SG is incorporated. It is a privately held company registered with the
Indian Registrar of
Companies.
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.39.81 |
|
UK Pound |
1 |
Rs.78.94 |
|
Euro |
1 |
Rs.60.12 |
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 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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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 |
|
51 |
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 |
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