MIRA
INFORM REPORT
|
Report Date : |
31.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VASAVI POWER SERVICES PRIVATE LIMITED |
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Registered Office : |
I Floor, D. No: 4-13, P. O. Ibrahimpatnam – 521456, Krishna District,
Vijayawada (Andhra Pradesh) |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.03.2002 |
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Com. Reg. No.: |
01-38656 |
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CIN No.: [Company
Identification No.] |
U74210AP2002PTC038656 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction and servicing companies Subject is engaged in providing services in power
sector. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 49000 |
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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 an established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments.
Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
I Floor, D. No: 4-13, P. O. Ibrahimpatnam – 521456, Krishna District,
Vijayawada (Andhra Pradesh), India |
|
Tel. No.: |
91- 866 - 2882484 / 2883103 |
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Mobile No.: |
91 -9848126365 |
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Fax No.: |
91- 866 - 2883104 |
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E-Mail : |
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Website : |
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Overseas Office : |
Vasavi Power Services Llc., P O Box No: 73228, Abu Dhabi, UAE |
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Tel. No.: |
971- 2 - 6427363 |
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Fax No.: |
971- 2 – 6427363 |
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Mobile No.: |
971 - 50 - 8274691 |
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E-Mail : |
DIRECTORS
|
Name : |
Mrs. Ramaiah Nallapu |
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Designation : |
Chairman and Managing Director |
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Address : |
D. No. 4-43, Ibrahimpatnam, Krishna District – 521456, Andhra Pradesh,
India |
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Date of Birth/Age : |
04.05.1945 |
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Date of Appointment : |
15.03.2002 |
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Name : |
N. Kiran Kumar Nallapu |
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Designation : |
Director |
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Address : |
D. No. 4-43, Ibrahimpatnam, Krishna District – 521456, Andhra Pradesh,
India |
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Date of Birth/Age : |
02.04.1972 |
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Date of Appointment : |
15.03.2002 |
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Name : |
Mr. Godesi Ramesh Babu |
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Designation : |
Director |
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Address : |
D. No. 4-8, Ibrahimpatnam, Krishna District – 521456, Andhra Pradesh,
India |
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Date of Birth/Age : |
06.05.1959 |
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Date of Appointment : |
15.03.2002 |
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Name : |
Mrs. Godesi Kavitha |
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Designation : |
Director |
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Address : |
D. No. 4-8, Ibrahimpatnam, Krishna District – 521456, Andhra Pradesh,
India |
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Date of Birth/Age : |
10.06.1970 |
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Date of Appointment : |
15.03.2002 |
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Name : |
Mrs. Nallapu Anitha |
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Designation : |
Director |
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Address : |
D. No. 4-43, Ibrahimpatnam, Krishna District – 521456, Andhra Pradesh,
India |
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Date of Birth/Age : |
13.06.1978 |
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Date of Appointment : |
15.03.2002 |
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Name : |
Mrs. Nallapu Mani |
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Designation : |
Director |
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Address : |
D. No. 4-43, Ibrahimpatnam, Krishna District – 521456, Andhra Pradesh,
India |
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Date of Birth/Age : |
09.11.1954 |
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Date of Appointment : |
15.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.09.2003
|
Names of Shareholders |
|
No. of Shares |
|
N. Ramaiah |
|
64,400 |
|
N.Kiran Kumar |
|
40,400 |
|
G. Ramesh Babu |
|
41,400 |
|
G.Kavitha |
|
1,000 |
|
N. Anitha |
|
56,700 |
|
N.Mani |
|
40,500 |
|
G. Venkateshwar Rao |
|
31,700 |
|
Sundari Praveen Kumar |
|
65,900 |
|
N. Veeraiah |
|
36,500 |
|
G. Vedadri |
|
13,600 |
|
Total |
|
502,700 |
AS ON 30.09.2006
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction and servicing companies |
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Exports : |
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Countries : |
United Arab Emirates, Middle East and North African
Countries |
GENERAL
INFORMATION
|
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. Badri Narayana Chartered Accountant |
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Address : |
3-19, UP Stairs, Ramalayam Street, Jagayyapet, Krishna District – 521175, Andhra Pradesh, India |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
502,700 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.027 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.027 |
5.027 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
7.108 |
3.774 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
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NETWORTH |
|
12.135 |
8.801 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
17.602 |
12.203 |
|
|
2] Unsecured Loans |
|
6.761 |
7.250 |
|
|
TOTAL BORROWING |
|
24.363 |
19.453 |
|
|
DEFERRED TAX LIABILITIES |
|
0.769 |
0.507 |
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|
|
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|
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TOTAL |
|
37.267 |
28.761 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
25.407 |
12.788 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
1.650 |
1.447 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
|
12.627 |
4.457 |
|
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Cash & Bank Balances |
|
15.473 |
13.448 |
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Other Current Assets |
|
24.544 |
33.892 |
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Loans & Advances |
|
0.000 |
0.000 |
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Total
Current Assets |
|
52.644 |
51.797 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
39.549 |
35.965 |
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Provisions |
|
2.962 |
1.396 |
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Total
Current Liabilities |
|
42.511 |
37.361 |
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Net Current Assets |
|
10.133 |
14.436 |
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MISCELLANEOUS EXPENSES |
|
0.077 |
0.090 |
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TOTAL |
|
37.267 |
28.761 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
Sales Turnover |
|
|
35.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
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|
5.51 |
6.46 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.24 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
VASAVI POWER
SERVICES PRIVATE LIMITED |
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Presented By |
Mrs. N Ramaiah, Chairman and Managing
Director |
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1) Date and description of instrument creating the change |
22.07.2002 Deed
of Hypothecation regarding motor generator welding rectifier 22.07.2002
agreement for CDB 22.07.2002
Counter Indemnity for bank guarantee 22.07.2002 letter
for over draft facilities |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Welding Motor
Generator Model Supergen – 230 @ Rs. 0.087 Millions each 4 Nos. MMA Welding
Rectifier model Thyrolnxe – 600 – 1 No.
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4) Gist of the terms and conditions and extent and operation of the charge. |
M. L. Repayable
in 36 months equated monthly installments of Rs. 0.013 Million C. D. B. Tenable
till 15.10.2002 B.G. Tenable till
15.10.2002 O. D. Tenable
till 15.10.2002 |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Governor Pet, Vijayawada |
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6) Date and brief description of instrument modifying the charge |
Bank Guarantee
Enhancement of Bank Guarantee limit from Rs. 2.000 Millions to Rs. 42.000
Millions on 08.01.2005 08.01.2005
Counter Indemnity Over Draft :
Enhanced to Rs. 2.000 Millions on 08.01.2005 08.01.2005
Pronote 08.01.2005
Request for Over Draft facilities 08.01.2005 Letter
of Renewal 08.01.2005 link
Letter in respect of enhancement of Credit facilities 08.01.2005
Agreement re : Collateral Security : machinery : Vehicles along with
statement of Tools and Plants |
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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. |
Bank Guarantee
Enhancement of Bank Guarantee limit from Rs. 2.000 Millions to Rs. 42.000
Millions on 08.01.2005 Over Draft :
Enhanced to Rs. 2.000 Millions on 08.01.2005 for the rate of interest is
13.75 % |
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U74210AP2002PTC038656 |
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Name of the
company |
VASAVI POWER SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
I Floor, D. No: 4-13, P. O. Ibrahimpatnam – 521456, Krishna District,
Vijayawada (Andhra Pradesh), India |
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Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Axis Bank Limited, Advances Cell [AP Cluster], 6-3-879/B, Greenlands, Begumpet, Hyderabad – 500016, Andhra Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry – Equitable mortgage of property by deposit of title deeds |
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Date of
instrument Creating the charge |
18.11.2006 |
|
Amount secured by
the charge |
Rs. 5.550
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Axis Bank PLR
1.25 % presently at 11.75 % p.a. compounded at monthly rests Terms of
Repayment Repayable on 60
months from the date of disbursement / first drawl @ EMI of Rs. 0.123 Million Extent and
Operation of the charge The charge
operates as first charge on office premises bearing # 404 and 405 in 4th
Floor, Golden Edifice, Khairatabad, Hyderabad |
|
Short particulars
of the property charged |
Equitable
mortgage of the office bearing No. 404 and 405 in 4th floor
admeasuring 4.103 sq. ft. with an undicided share of land adm. 160 sq. yds.
In the complex “Golden Edifice” bearing No. 6-3-639, 640 and 642,
Khairatabad, Hyderabad |
AS PER WEBSITE
Profile
Subject is formerly known as, Vasavi
Engineering Works, was registered as a partnership firm in the year 1982. It
started its business activities with rotating equipment services for the
complete Energy sector. Vasavi, which has an employee strength of 500 today,
was established with 4 employees , under the stupendous leadership of Mr. N.
Ramaiah , an ex employee of Andhra Pradesh State Electricity Board .
In an epoch when Energy sector
has been evolving, especially the rotating equipment services industry, Vasavi
has adopted a value-based approach to grow from strength to strength
Milestones in the evolution of Vasavi's
power
» Established in the year 1980
with 4 employees.
» Registered as a partnership firm
in the year 1982
» Vasavi's services have been
enlisted by all major power giants of Andhra Pradesh state in India.
» Started with handling of small
rotating equipments like Pumps and Motors
» Expansion of its
activities to almost all the other states in India.
» Vasavi has grown up to handle
heavy Steam, Gas, Hydro Turbines and Generators of various makes and
capacities.
» Vasavi has entered into global
power services market by achieving first overseas service order in ADGAS,
Abudhabi, UAE in the year 2002.
» Major power plant construction
order has been achieved in Libya (600 MW plant construction in Jan 2005)
"People are the life blood of an organisation and that
quality people make quality organisation", as its
philosophy, Vasavi has been growing consistently serving gamut of customers in
the power sector.
Vasavi has made its presence during the early
part of 1980 with 4 people as its man power. Vasavi's strength
are its people and their dedication and commitment to their organisation.
Spurred by dynamic work force, Vasavi has set itself for ambitious growth by transforming a 4 peopled
organisation into a power house of 1000 by 2008.
The management has laid emphasis
on perpetually upgrading the skills of manpower and making them proficient in
their respective technical areas.
Manpower are being positioned permanently in countries like UAE, Qator, Saudi
Arabia, Libya to handle local projects.
SERVICES
OFFERED
Vasavi is construction and servicing companies .
It is well qualified to provide total support solutions , which are economical and timely , to customers
across power generation spectrum. Vasavi's services cover the complete range of
Power plants: Gas, Steam and Hydro turbines, Valves, Compressors, pumps, Rotors
and Stators of Generators and Motors. Vasavi's in-house capabilities include:
» Design
» Engineering
» Installation / Construction
» Operation & Maintenance
» Overhaul and Repairs
» Retrofit of Control systems
» Condition Monitoring
» Technical Consultancy activities
» Renovation & Modifications.
Vasavi is marching
towards a vibrant future. The company is slowly moving up the
value chain of power services by building on its strengths in Erection and
Overhauling services. Armed with a forward-looking strategy, Vasavi is all set
to introduce a range of new services to its portfolio. To achieve the objectives,
initiatives are already taken to recruit
more technical manpower and enhance the existing skills.
Following are some of the ambitious
plans of Vasavi in the near future
» IT Solutions for Energy Industry
» Setting up of
manufacturing/Workshop facility
» Developing Business in Far east
Vasavi Power has signed MOUs for Business Development in
various Technical and Geographical areas in order to augment to the already
existing service portfolio and also to enter into global market
Korea Plant Services & Engineering, Korea (KPS)
Advanced Triad and Turbine Services, Saudi Arabia (ATTS)
Emmient Electro Mechanical, Abudhabi
The driving force behind Vasavi Power Services Private
Limited is its thoroughbred top management, which
proves that knowledgeable people make a proficient and progressive enterprise.
Mr. N. Ramaiah : Chairman
& Managing Director
The stupendous leadership of Mr.
N. Ramaiah, the founder of Vasavi Engineering Works, established in the
year 1982, has made the company evolve into one of the top organizations
in providing rotating equipment services.
Mr. G. Ramesh Babu : Executive
Director
Mr. G. Ramesh Babu started his
career as Administration and Accounts in-charge in Midland Industries Limited
in Hyderabad. Later he joined vasavi in the year 1989 and has grown up to
the level of Executive Director for Administration, Accounts and Commercial
departments, through sheer diligence.
Mr. N. Kiran Kumar : Executive
Director
Mr. N. Kiran Kumar's rich
experience with MNCs like Intelligroup, Metamor Enterprises Solutions and Wipro
Technologies, made him capable enough in discharging his duties as the
Executive Director of Project execution and Business Development.
Mr. G. Ashok Kumar : General
Manager
Mr. G.Ashok Kumar has started
his career as a Graduate Engineer Trainee (Instrumentation in 1985) in a public
sector. He has wide experience in Power Plants based on Oil, Coal and Gas. He
co-ordinates the activities like Operation and Maintenance, Control &
Instrumentation Retrofits and field services of Power Plants in India and
Abroad.
Subject was started in 1980 as a proprietorship firm,
initially executed all kinds of pumps and motors overhaul.
In 1982 it was registered as a
partnership firm and started with erection of rotating
equipments. It got its first turbine
overhaul job in 1984 . Since then hundreds of various turbines
are overhauled / erected / repaired all over India.
It was converted into private Limited
in 2002. First overseas
job was executed in ADGAS,
Das Islands, UAE.
Subsequently more orders are executed in Dubai, Kuwait, Libya, Saudi Arabia,
etc..
Over a period of 20 years in this area, the Company proved its competence and patent commitment to quality standards of the projects, time and cost concerns of customers
by serving major companies in various industries viz.,
» Manufacturing/Servicing
» Utilities
» Refineries
» Petroleum
» Aluminium
» Fertilizers
» Chemicals
» Textiles
» Paper
» Cement
» Oil & Gas
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.40.10 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63..31 |
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 |
5 |
|
--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 |
YES |
|
TOTAL |
|
46 |
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 |
|