MIRA
INFORM REPORT
|
Report Date : |
25.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VEM TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
Sy. No. 8-48/1, Bachupalli Industrial Area, Qutbullapur Mandal, Via
Miyapur, Hyderabad – 500072, Andhra Pradesh. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.10.1993 |
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Com. Reg. No.: |
01-16474 |
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CIN No.: [Company
Identification No.] |
U29300AP1993PTC016474 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDV01011D |
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PAN No.: [Permanent
Account No.] |
AABCV0595K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The Company is engaged in Trading of Connectors, Potentio Meter,
Resistors Fixed and Variable, Microwave Components, Capacitors, Inductors,
Transformer, Micro Controller, Microprocessor, Permanent Magnet Synchronous
Motors, Flat Motors, Brushless AC and DC Motors. |
RATING &
COMMENTS
|
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 409668 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is now a well established Company. It has improved it’s
performance and Financial Status. Trade Relations are Fair. Payments are
Correct and as per Commitment. Nothing Adverse Reported. The Company can be Considered good for normal business dealings at usual
trade terms and Conditions. Actual Profit and Loss Account. Figures may follow s, |
LOCATIONS
|
Registered Office : |
Sy. No. 8-48/1, Bachupalli Industrial Area, Qutbullapur Mandal,
Miyapur, Hyderabad-500072, Andhra Pradesh. |
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Tel. No.: |
91-40-23046633, 23047733, 23048833, 23046666 |
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Fax No.: |
91-40-23047755 |
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E mail: |
sales@vemtechnologies.com |
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Website: |
www.vemtechnologies.com |
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Corporate Office : |
Nizampet Road, Hyder Nagar, Kukatpally, Hyderabad, 500072, Andhra
Pradesh, India. |
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Tel. No.: |
91-40-23058845 |
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Fax No.: |
91-40-23058846 |
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E-Mail : |
accounts@vemtechnologies.com |
DIRECTORS
|
Name : |
Mr. V. Venkata Raju |
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Designation : |
Director |
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Address : |
Plot
No. 6-2-42, Nizampet Road, Hyder Nagar, Kukatpally, Hyderabad – 500 072 |
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Date of Birth/Age : |
13/05/1965 |
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Date of Appointment : |
30.09.1995 |
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Name : |
Mr. V. Ram Krishnan Raju |
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Designation : |
Director |
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Address : |
Plot
No. 6-2-42, Nizampet Road, Hydernagar, Kukatpally, Hyderabad – 500 072 |
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Date of Birth/Age : |
20/05/1963 |
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Date of Appointment : |
29.09.1997 |
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Name : |
Mr. V. V. Satyanarayana Raju |
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Designation : |
Director |
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Address : |
Plot
No. 6-2-42, Nizampet Road, Hydernagar, Kukatpally, Hyderabad – 500 072 |
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Date of Birth/Age : |
10/05/1968 |
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Date of Appointment : |
24.08.1996 |
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Name : |
Mr. V. V. Shivrama Raju |
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Designation : |
Director |
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Address : |
Plot
No. 6-2-42, Nizampet Road, Hydernagar, Kukatpally, Hyderabad – 500 072 |
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Date of Birth/Age : |
05/10/1970 |
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De of Appointment : |
29.09.1997 |
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Name : |
Mr. M. V. Mar Raju |
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Designation : |
Director |
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Address : |
Plot
No. 6-2-42, Nizampet Road, Hyder Nagar, Kukatpally, Hyderabad – 500 072 |
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Date of Birth/Age : |
02/05/1968 |
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Date of Appointment : |
24.08.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on
31.03.2003) |
No. of Shares |
|
Mr.
V. Venkata Raju |
155000 |
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Mr.
V. V. Subba Raju |
175000 |
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Mr.
V. V. Ramakrishnan Raju |
75000 |
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Mr.
V. V. S.N.Raju |
25000 |
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Mr.
M. V. Mar Raju |
25000 |
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Mr.
V. Lakshmi |
25000 |
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Mr.
V. Nagamani |
25000 |
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Mr.
V. Aruna |
25000 |
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Mr.
M. Usha Rani |
33000 |
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Mr.
V. V. Sivarama Raju |
25000 |
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Mr.
V. V. Satya Narayan Raju |
50000 |
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Mr.
M. V. Subba Raju |
20000 |
Equity Share Breakup (percentage of Total Equity)
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in Trading of Connectors, Potentio Meter,
Resistors Fixed and Variable, Microwave Components, Capacitors, Inductors,
Transformer, Micro Controller, Microprocessor, Permanent Magnet Synchronous
Motors, Flat Motors, Brushless AC and DC Motors. |
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Products : |
Connectors,
Potentio meter, Resistors fixed & variable, Microwave components,
Capacitors, Inductors, Transformer, Micro controller, Microprocessor,
Permanent Magnet Synchronous motors, flat motors, Brushless Ac & DC
Motors |
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Terms : |
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Selling : |
Cash
and Credit (30 Days) |
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Purchasing : |
L/C,
Cash and Credit (30 Days) |
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Bankers : |
State Bank of India, |
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Bala Nagar Branch, Hyderabad – 500037, Andhra Pradesh, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raju & Raju, Chartered Accountants |
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Address : |
1B, Samrat Residential Complex, 5-9-12, Secretariat Road, Saifabad,
Hyderabad, Andhra Pradesh – 500004. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,400,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 34.000
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
34.000 |
34.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
20.000 |
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|
3] Reserves & Surplus |
68.417 |
66.318 |
28.105 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
102.417 |
100.318 |
78.105 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
104.451 |
78.872 |
68.586 |
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2] Unsecured Loans |
25.742 |
15.539 |
17.297 |
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TOTAL BORROWING |
130.193 |
94.411 |
85.883 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL |
232.610 |
194.729 |
163.988 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
157.552 |
114.659 |
88.468 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
25.924
|
29.471 |
19.537 |
|
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Sundry Debtors |
70.534
|
59.460 |
74.890 |
|
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Cash & Bank Balances |
6.037
|
4.699 |
7.647 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
9.451
|
9.750 |
9.401 |
|
Total
Current Assets |
111.946
|
103.380 |
111.475 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
|
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Current Liabilities |
36.888
|
23.310 |
35.955 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
36.888
|
23.310 |
35.955 |
|
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Net Current Assets |
75.058
|
80.070 |
75.52 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
232.610 |
194.729 |
163.988 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
208.868 |
174.079 |
185.803 |
|
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Other Income |
0.000 |
0.000 |
0.000 |
|
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Total Income |
208.868 |
174.079 |
185.803 |
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|
|
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Profit/(Loss) Before Tax |
8.208 |
15.110 |
15.850 |
|
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
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Profit/(Loss) After Tax |
5.976 |
11.410 |
11.550 |
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Earnings in Foreign Currency : |
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|
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Other Earnings |
0.000 |
7.453 |
1.308 |
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Total Earnings |
0.000 |
7.453 |
1.308 |
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Imports : |
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Others |
0.000 |
25.140 |
20.113 |
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Total Imports |
0.000 |
25.140 |
20.113 |
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Expenditures : |
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Financial Charges |
0.000 |
14.176 |
11.038 |
|
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Depreciation & Amortization |
0.000 |
6.607 |
11.385 |
|
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Other Expenditure |
200.660 |
138.186 |
147.530 |
|
Total Expenditure |
200.660 |
158.969 |
169.953 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
2.86
|
6.55 |
6.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.93
|
8.68 |
8.53 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.92
|
8.68 |
8.53 |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.15 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.36
|
0.23 |
0.46 |
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Current Ratio (Current Asset/Current Liability) |
|
3.03
|
4.43 |
3.10 |
LOCAL AGENCY
FURTHER INFORMATION
Note: Registered Office
had been shifted to the Present Address w.e.f. 01.07.2004 from 6-2-47, Nizampet
Road, Hyder Nagar, Kukatpally – 500072.
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Name of the company |
VEM COMPONENTS PRIVATE LIMITED |
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Presented By |
V.
V. SATYANARAYANA RAJU |
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1) Date and description of instrument creating the change |
21.12.1995 Agmt. For the Grant of SI Advances. & type of movables, BD, & Other Assets. 21.12.1995 Agmt. For the Grant of SI Advances. 21.12.1995 Agmt. Receivables and bills in the course of collection. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.500 millions Rs. 1.500 millions |
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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 |
First Charge on all Current Assets. Em of Land Property Plot No. 6, 2-47, Sur. 52, 54. (p) and Building there on Hyder Nagar, Kukatpally. Em of Land Property Plot No : 14 Adm. 400 Sq Yrds. Pledge of Existing Machinery Personal Guarantee of all Directors. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of all current assets with other terms and conditions as per sanction letter enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Jeedimetla I. A. Hyderabad -55. |
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6) Date and brief description of instrument modifying the charge |
02.05.2000 ANC. Agmt. -1 Agmt. For Grant of small Ind. Advances. 02.05.2000 ANC. Agmt. -3 Agmt. For the Grant of small Ind. Advances. |
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07) 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. |
Enhancement/ Modification of Working Capital Limits as follows: Limit Ext. Mod. CC(Hyp) 40 55 CC(BD) (30) (40) BG 12 12 LC 60 20 Total 112 82 Other terms and conditions as per sanction letter Dt : 28.04.2000. |
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This form is for |
Modification of Charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
90135539 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U29300AP1993PTC016474 |
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Name of the company |
VEM TECHNOLOGIES PRIVATE LIMITED |
|
Address |
No.8-48/1, Bachupalli Industrial Area, Qutbullapur Mandal, Miyapur, Hyderabad-500072, Andhra Pradesh, India. |
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Type of Charges |
· Immovable Property · Book Debts · Movable property (not being pledge) |
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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 |
Name : State Bank of India Address : Bala Nagar Branch, City : Hyderabad, State :Andhra Pradesh ISO Country Code : IN Pin Code : 500037 E-mail ID : mclau.zohyd@sbi.co.in |
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Nature or description of the instrument creating or modifying the charge |
1. Supplemental Agreement of Hypothecation of Goods and Assets (Form C. 2-A) 2. Letter regarding the grant of individual limits within the overall limits (Form C.5) 3. Memorandum of Entry for extension of further charge for Term loan/ Overall increased limits where the initial charge is created by way of mortgage by Deposit of Title Deeds (Form. SME-7). 4. Sanction Letter Dated: 11.01.2008 |
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Date of the instrument creating charge |
23.01.2008 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 2.115 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest 1. Cash Credit (Hyp): 0.25% above SBAR, present effective rate being 13% P.A. at monthly rest. 2. Corporate Loan: 2.00% above SBAR, Present effective rate being 14.75% P.A. at monthly rest. (b) Terms of Repayment 1. Cash Credit: Repayable on demand. 2. Corporate Loan repayable on total 9 quarterly Installment of Rs. 0.05 cr*4= Rs.0.20+Rs. 0.25*2= Rs. 0.50cr+0.50*2=Rs. 1.00cr+Rs. 0.55*1=Rs. 0.52cr. Total of Rs. 2.22cr commencing from 31.10.2007 to 31.10.2009. 3.Term Loan repayable on total 16 quarterly installment of Rs. 0.05cr*4=Rs. 0.15*6=Rs.0.90cr+Rs.0.35cr*5=Rs.1.75cr+Rs.0.18cr*1=Rs.0.18cr total of Rs. 3.03cr commencing from 31.07.2011. (c) Margin 1. Raw Material – Imported -15%, Raw Material – Domestic-25%, Stock in Process- 25%, Finished Goods-25%, Book Debts-40%, Receivables-90 days, EPC-10%, LC(Usance Period- 6 months)- 15%, BG-15%. 2. Term Loan (Revised)-24.81%. (d) Extent and operation of the Charge Primary: Hypothecation of all the movable properties i.e. Stock, Receivable and all other chargeable current assets of the company. Collateral : Em of the house property in plot no: 4, survey No. 52 and 54 part admesuring 510 Sq yds in Nizampet Road, Hyder Nagar Kukatpally Municipality, Ranga Reddy Dist. Belonging to Sri V V S N Raju. EM of the company’s factory land building situated at Sy. No 314 admesuring ac 3.01 guntas in Bachupally Industrial Area Qutubullapur, RR Dist. Ap] (e) Others (a) Enhancement of NBF Facilities. (b) Personal Guarantee of (1) Mr. V Venkata Raju, MD, (2) Mr. V V R K Raju, (3) Mr. V V S N Raju, (4) Mr. V V Sivarama Raju and (5) Mr. M v Marraju. |
|
Short particulars of the Property charged |
1. CC (Hyp), Book Debts, EPC, DDP/NLOC ILC/FLC, and BG: First charge on current assets of the company. 2. Corporate Loan, Term Loan, one time EPCG BG: First Charge on the fixed assets of the company. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
|
Date of latest modification prior to the present modification |
04/11/2006 |
|
Particulars of the present modification |
The Working capital limits has been increased (only NFB) from Rs. 2.040 millions to Rs. 2.115 millions, the details as are: 1. Cash Credit (Hyp): Rs. 6.000 millions 2. Corporate Loan : Rs. 4.000 millions 3. Term Loan : Rs. 3.950 millions 4. Letter of Credit : Rs. 1.250 millions 5. Bank Guarantee Rs. 5.000 millions 6. EPCG- BG- one time : Rs. 9.500 millions Total : 21.150 millions |
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. 40.15 |
|
UK Pound |
1 |
Rs. 80.54 |
|
Euro |
1 |
Rs. 63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
|
|
TOTAL |
|
47 |
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 |
|