MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
VIDEOCON REALTY AND INFRASTRUCTURES LIMITED |
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Registered Office : |
Auto Cars Compound, Adalat Road, Aurangabad – 431005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.03.1994 |
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Com. Reg. No.: |
133954 |
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CIN No.: [Company
Identification No.] |
U45102MH1994PLC133954 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV09540G/PNEV06725F |
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PAN No.: [Permanent
Account No.] |
AAACV2303F/AAACV2303F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Company is Providing of Electronic and IT Hardware special economic
zone projects. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 750000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of medium sized diversified industries house,
controlled by Dhoot family and Chaired by Mr. Venugopal Dhoot. Available information indicates high financial responsibility of the
company. Trade relations are fair. Payments are correct and as per commitments. The company can be considered as a promising partner in a medium to
long run. |
LOCATIONS
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Registered Office : |
Auto Cars Compound, Adalat Road, Aurangabad – 431005, Maharashtra |
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Head Office : |
Swami Vivekanand Road, Bibvewadi, Pune, Maharashtra |
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Tel. No.: |
91-20-24204272 |
DIRECTORS
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Name : |
Mr. Venugopal Nandlal Dhoot |
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Designation : |
Director |
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Address : |
47, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra |
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Name : |
Mr. Rajkumar Nandlal Dhoot |
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Designation : |
Director |
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Address : |
47, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra |
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Name : |
Mr. Pradeepkumar Nandlal Dhoot |
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Designation : |
Director |
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Address : |
47, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra |
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Name : |
Mr. Sanjeev Krishnaji Shelgikar |
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Designation : |
Director |
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Address : |
47, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra |
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Name : |
Mr. Suresh Madhava Hegde |
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Designation : |
Director |
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Address : |
47, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra |
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Name : |
Mr. Vinod |
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Designation : |
Director |
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Address : |
47, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra |
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Name : |
Mr. Kuldip Drabu |
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Designation : |
Director |
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Address : |
47, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2006
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Names of Shareholders |
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No. of Shares |
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Mr. Venugopal Nandlal Dhoot |
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1 |
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Mr. Rajkumar Nandlal Dhoot |
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1 |
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Mr. Pradeepkumar Nandlal Dhoot |
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1 |
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Mr. Sanjeev Krishnaji Shelgikar |
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1 |
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Mr. Suresh Madhava Hegde |
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1 |
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Mr. Vinod |
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1 |
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Mr. Kuldip Drabu |
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1 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Company is Providing of Electronic and IT Hardware special economic
zone projects. |
GENERAL
INFORMATION
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No. of Employees : |
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Bankers : |
The Federal Bank Limited, Fort Branch, Mumbai – 400001, Maharashtra |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kadam and Company Chartered Accountant |
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Address : |
Ahmednagar College Road, Kothi Near Badve Petrol Pump, Ahmednagar –
414001, Maharashtra |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 150.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10050000 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.500 Millions |
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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100.500 |
100.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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49.500 |
49.500 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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150.000 |
150.000 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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150.000 |
150.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.243 |
0.243 |
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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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7.367 |
1.601 |
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DEFERREX TAX ASSETS |
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103.729 |
64.398 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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484.814 |
556.522 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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3.938 |
63.341 |
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Other Current Assets |
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6.923 |
3.453 |
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Loans & Advances |
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924.283 |
412.277 |
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Total
Current Assets |
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1419.958 |
1035.593 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1731.855 |
1228.420 |
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Provisions |
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0..606 |
0.026 |
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Total
Current Liabilities |
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1732.461 |
1228.446 |
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Net Current Assets |
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(312.503) |
(192.853) |
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Profit and Loss Accountant |
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351.164 |
276.611 |
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TOTAL |
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150.000 |
150.000 |
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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 |
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112.869 |
210.210 |
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Other Income |
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15.682 |
73.018 |
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Total Income |
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128.551 |
283.228 |
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Profit/(Loss) Before Tax |
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(113.856) |
(9.815) |
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Provision for Taxation |
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(39.303) |
2.044 |
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Profit/(Loss) After Tax |
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(74.553) |
(11.859) |
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Expenditures : |
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Raw Material Consumed |
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95.508 |
255.445 |
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Salaries, Wages, Bonus, etc. |
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5.846 |
4.170 |
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Payment to Auditors |
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0.011 |
0.011 |
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Interest |
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124.562 |
20.021 |
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Power & Fuel |
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0.007 |
0.249 |
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Depreciation & Amortization |
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0.045 |
0.038 |
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Other Expenditure |
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16.428 |
13.109 |
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Total Expenditure |
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242.407 |
293.043 |
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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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(57.99) |
(4.18) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(100.87) |
(4.66) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(8.01) |
(0.94) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.75) |
(6.54) |
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Debt Equity Ratio (Total Liability/Networth) |
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11.54 |
8.18 |
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Current Ratio (Current Asset/Current Liability) |
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0.81 |
0.84 |
LOCAL AGENCY
FURTHER INFORMATION
Press Releases
KOLKATA: Videocon Realty & Infrastructure, whose present mandate includes setting up six SEZs in Maharashtra and Bengal, is targeting a stock exchange listing in 2010.
"They are looking at an IPO of the company (Videocon Realty &
Infrastructure) in two years," Videocon group chairman Venugopal Dhoot
told TOI on Sunday.
Dhoot said the SEZs - two in Mahasrashtra and four in Bengal - would be
implemented by special purpose vehicles (SPVs). Videocon Realty &
Infrastructure would team up with a separate partner for each of these SEZs.
"The partners will be chosen once the projects reach an advanced stage.
However, they will have a majority stake in each of the SPVs," he added.
Videocon Realty & Infrastructure is slated to establish two multi-product SEZs in Maharashtra, with the combined land requirement of these projects being in excess of 8,000 acres. In Bengal, its proposed SEZs - two multi-product, one electronics and one biotech special economic zone - together need 5,620 acres.
However, land acquisition for the bulk of these projects - each of which enjoy
‘in-principle SEZ status’ - is yet to be completed. It’s only after the land
issue is sorted out can the company secure ‘formal SEZ’ status for all six
projects from the Board of Approvals (BoA) of the Union commerce department.
The BoA is the final authority on SEZs.
The start-date for construction, though, would depend on how soon a project is
notified by the government. SEZ ventures have to go through a three-step
process - secure in-principle recognition, then bag formal SEZ status and
eventually be notified before work can start
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 |
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US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.02 |
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Euro |
1 |
Rs.67.77 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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40 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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