MIRA
INFORM REPORT
|
Report Date : |
29.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
VARROC
ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
E-4, MIDC, Waluj,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
11.05.1988 |
|
|
|
|
Com. Reg. No.: |
11-47335 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28920MH1988PTC047335 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKV01528C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACV2420J |
|
|
|
|
Legal Form : |
Private limited
liability company |
|
|
|
|
Line of Business : |
Manufacturer of
Automotive Parts and Equipments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 6000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
– established company having fine track. Trade relations are fair. Financial
position is good. Payments are usually correct and as per commitments. The
company is doing well. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered/Corporate Office : |
E-4, MIDC, Waluj,
|
|
Tel. No.: |
91-240-2556227/28/2555441 |
|
Fax No.: |
91-240-2564540/2555987 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Group Office: |
Waluj - Plant I, Pune - Plant I, Pune - Plant II, Tal. Shirur,Dist. Pune - 412220. Phone :91 2138 232738 Fax 91 2138 232788 Email: varroc.pp2@varrocgroup.com
Waluj - Plant III Gr. Noida - Plant I Mould Craft ( Gut. No. 99, Village Pharola, Village Binola Electrical Division Waluj - Plant II Waluj - Plant IV Pune - Plant III B- 24 & 25, MIDC Chakan
Varroc Lighting Private Limited Gut No. 390, Takve Budruk, Tal. Maval Dist. Pune - 412 106
Metallic Division Durovalves India Private Limited Waluj - Plant V Waluj - Plant VII Varroc Exhaust Systems Private Limited B- 14 Mahaunge MIDC Chakan, Trading Division Varroc Trading Private Limited X-142, MIDC Industrial Area Waluj, Tel. No.:91 240 2563383 Fax No.:91 240 2564540 Varroc Trading Private Limited 840, Tel. No.: 011 51557254 + 91 11 51557254 Fax No.:91 11 51328644 |
|
|
|
|
Factory 1 : |
Tel. No. 91-240-2564540 Fax. No. 91-240-2554487 E-mail. varroc@bom4.vsnl.net.in
wind power project
|
DIRECTORS
|
Name : |
Mr. Naresh
Chandra |
|
Designation : |
Chairman |
|
Address : |
Bhagwati Bhavan, 31, M. L. Dahanukar Marg, Mumbai – 400026, |
|
Date of Birth/Age : |
11.02.1935 |
|
Date of Appointment : |
11.05.1988 |
|
|
|
|
Name : |
Mr. Tarang N.
Jain |
|
Designation : |
Managing Director |
|
Address : |
Gate 41, Opp. Walmi, |
|
Date of Birth/Age : |
21.03.1962 |
|
Date of Appointment : |
11.05.1988 |
|
|
|
|
Name : |
Mr. Anurang Jain |
|
Designation : |
Director |
|
Address : |
Green Leaf Manor, Gate 41-3B, Opp. Walmi, |
|
Date of Birth/Age : |
21.03.1962 |
|
Date of Appointment : |
11.05.1988 |
|
|
|
|
Name : |
Mr. Shripad R.
Halbe |
|
Designation : |
Director |
|
Address : |
72, |
|
Date of Birth/Age : |
24.05.1948 |
|
Date of Appointment : |
27.09.1990 |
|
|
|
|
Name : |
Mr. Narendra
Kumar Jain |
|
Designation : |
Director |
|
Address : |
Flat No. 82-B,
Meher Apartments, |
|
Date of Birth/Age : |
15.08.1939 |
|
Date of Appointment : |
09.09.1992 |
|
|
|
|
Name : |
Mr. Rajiv Devinder Singh Sahney |
|
Designation : |
Director |
|
Address : |
50, Usha Kiran, |
|
Date of Birth/Age : |
06.09.1962 |
|
Date of Appointment : |
23.12.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Naresh A.
Chandra |
|
76900 |
|
Mr. Tarang N.
Jain |
|
140500 |
|
Mrs. Suman N.
Jain |
|
70000 |
|
Mr. Naresh
Chandra & Smt. Suman Jain |
|
15000 |
|
Mr. Tarang Jain
& Smt. Suman Jain |
|
28100 |
|
Mr. Tarang Jain |
|
500 |
|
Mr. Naresh
Chandra |
|
500 |
|
|
|
|
|
Equity Share
Break-up |
|
Percentage of
Holding |
|
Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive
Parts and Equipments. |
|
|
|
|
Products : |
Polymer Division v
Injection moulded components in plastic v
Multilayer plastic sheet extrusion v
Injection & compression moulded automotive
& allied rubber products. v
Polyurethane foam seat assemblies v
Rear view mirrors v
Air cleaner assemblies v
Pre Production Mold v
Series Mold Electrical Division v
AC Generator v
CDI, Regulator, Regulator Rectifier units v
Starter motor and wiper motor v
Head lamp, tail lamp, blinkers v
Electronic Components v
Switches for Motor Cycles v
Sunroof Motors Metallic Division v
IC Engine valves v
Crank Pins v
Cold forged components v
Secondary Air Injection Control System (Reed
Valve) |
GENERAL INFORMATION
|
Customers : |
Auto OEM Hanil Lear India Private Limited Lear Seating Private Limited Lombardini India Private Limited Overseas Auto OEM |
|
|
|
|
No. of Employees : |
Around 1500 |
|
|
|
|
Bankers : |
v
The
Saraswat Co-operative Bank Limited, Khadkeshwar, v
Bank
of v
Industrial
Development Bank of India Limited, Cuffe Parade, Mumbai - 400005 v
HDFC
Bank Limited v
Corporation
Bank, 14, Mumbai – v
IDBI Bank
Limited, IDBI House, Dnyaneshwar Paduka Chowk, v
Citibank,
Parmar House, 2413, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N C Panpalia
& Company Chartered
Accountant |
|
Address : |
331, Vakhar
Bagh, |
|
|
|
|
Associates/Subsidiaries : |
v
Anurang
Engineering Company Private Limited v
High
Technology Transmission System ( v
Endurance
Systems India Private Limited v
Endurance
Transmissions Systems ( v
Durovalves
India Private Limited SUBSIDIARIES
v
Mouldcraft
( CIN. No.
U29190MH2005PTC157474 v
Varroc
Lighting Private Limited CIN. No.
U31506MH2000PTC129904 v
Varroc
Trading Private Limited CIN. No.
U67120MH1982PTC02669 v
Varroc
Exhaust Systems Private Limited CIN. No.
U29100MH2005PTC151756 v
Varroc
Elestomers Private Limited CIN. No. U29190MH2005PTC157474 v
Mouldcraft
( CIN. No.
U25209MH1995PTC090037 v
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
331500 |
Equity Shares |
Rs. 10/- each |
Rs. 3.315 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.315 |
3.315 |
3.315 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1519.398 |
1059.623 |
711.927 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1522.713 |
1062.938 |
715.242 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2174.013 |
818.436 |
713.002 |
|
|
2] Unsecured Loans |
598.285 |
407.927 |
440.498 |
|
|
TOTAL BORROWING |
2772.298 |
1226.363 |
1153.500 |
|
|
DEFERRED TAX LIABILITIES |
31.488 |
51.620 |
73.331 |
|
|
|
|
|
|
|
|
TOTAL |
4326.499 |
2340.921 |
1942.073 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1940.592 |
1495.672 |
1155.580 |
|
|
Capital work-in-progress |
666.897 |
20.029 |
65.511 |
|
|
|
|
|
|
|
|
INVESTMENT |
117.041 |
69.380 |
37.303 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
703.317
|
500.839 |
334.007 |
|
|
Sundry Debtors |
739.086
|
980.817 |
673.665 |
|
|
Cash & Bank Balances |
382.873
|
168.644 |
169.868 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1558.423
|
308.494 |
489.098 |
|
Total Current Assets |
3383.699
|
1958.794 |
1666.638 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1765.077
|
1184.552 |
653.776 |
|
|
Provisions |
16.653
|
18.402 |
329.183 |
|
Total Current Liabilities |
1781.730
|
1202.954 |
982.959 |
|
|
Net Current Assets |
1601.969
|
755.840 |
683.679 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4326.499 |
2340.921 |
1942.073 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Total Income |
|
|
8743.698 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
671.922 |
|
|
Provision for Taxation |
|
|
-- |
|
|
Profit/(Loss) After Tax |
|
|
671.922 |
|
|
|
|
|
|
|
|
Export Turnover |
|
|
165.668 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
|
118.098 |
|
|
Depreciation & Amortization |
|
|
349.342 |
|
|
Other Expenditure |
|
|
7604.336 |
|
Total Expenditure |
|
|
8071.776 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.68
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.68
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.61
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.99
|
2.28 |
2.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.62 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
It is
in trade terms with:-
v
Akshay
Heaters
v
Auto
Foam India Company
v
BSC
Rubber Industries
v
Blue
Star Engineers
v
Excel
Components
v
Milar
Plastic Industries
v
Maharashtra
Fastners Private Limited
v
Vijay
Rubber Manufacturing Private Limited
v
Anish
Forge Private Limited
v
Aarpika
Engineering Private Limited
v
Pravin
Plast
v
Rajiv
Plastics
The company’s fixed
assets of important value includes land, building, plant and machinery, factory
equipments, electrical installation, computers, dies and moulds, electrical
fitting, vehicles, furniture and fixtures, office equipments, wind energy
generators and computers.
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
90227069 |
|
Corporate
identity number of the company |
U28920MH1988PTC047335 |
|
Name of the
company |
VARROC ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-4, MIDC, Waluj,
|
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Corporation Bank 14, Mumbai – |
|
Nature of
description of the instrument creating or modifying the charge |
First
supplemental common deed of hypothecation of movable fixed assets |
|
Date of instrument
Creating the charge |
16.03.2007 |
|
Amount secured by
the charge |
Rs. 1731.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Term Loan : 11% p.a.
at present subject to revision from time to time [floating] Letter of credit
for Capex : Composite charge of 0.15% per quarter inclusive of usuance
charges, commitment charges and bill retirement charges [b] Terms of
repayment as per agreed
terms with the bank [c] Margin For Term Loan :
38% in term deposit For letter of
credit : Cash Margin 5% as at present [d] Extent and
operation of the charge First charge by
way of hypothecation of all the present and future assets along with other financing
banks on pari passu basis. |
|
Short particulars
of the property charged |
Hypothecation of
all the present and future fixed assets
including but not limited to present and future movable plant and
machinery, Tool Room equipment, Electrical installations, Laboratory
equipments, spares and tools etc. and other assets, which are/shall may be
brought into or stored or be in upon the borrowers premises situated at
Waluj, Aurangabad , Takve Pune , Ranjangaon – Pune, Chakan Pune, Pantnagar,
Uttaranchal |
|
Date of latest
modification prior to the present modification |
08.07.2006 |
|
Particulars of
the present modification |
The enhanced
credit facilities consisting of term loans and letter of credit for capex aggregating
to Rs. 1731.500 Millions are now secured through first pari passu charge by
way of hypothecation of movable fixed assets situated at Waluj, |
|
Name of the company |
VARROC ENGINEERING PRIVATE LIMITED |
||||||||||||||||||||
|
Presented By |
The Saraswat
Co-operative Bank Limited Station Road
Branch, |
||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Corporate guarantee agreement dated 18.08.2004 |
||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 148.120
Millions
|
||||||||||||||||||||
|
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 |
Floating charge
on all the tangible movable and immovable properties of Varroc Engineering
Private Limited for the total limit of Rs. 148.120 Millions sanctioned to
M/s. Varroc Lighting Private Limited |
||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest
10.5% p.a. With quarterly
interest |
||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the
charge. |
The Saraswat
Co-operative Bank Limited Station Road
Branch, |
||||||||||||||||||||
|
6) Date and brief description
of instrument modifying the charge |
NA |
||||||||||||||||||||
|
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 |
|
Name of the company |
VARROC ENGINEERING PRIVATE LIMITED |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented By |
Mr. Sanjay K.
Sachdev – Authorised Signatory |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Agreement of hypothecation of goods and assets dated 20.05.2005 and undertaking
dated 20.05.2005 creating equitable mortgage by way of title deeds |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 40.000
Millions |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 |
All present and
future movable assets of the borrower located at 58th , Mile
Stone, Opposite Mittal Orchards, Village Binoe District and Tehsil Gurgaon,
Haryana including but not limited to documents of title of goods, outstanding
monies, receivables by way of cash assistance and/or cash incentives under
the cash incentives scheme any other scheme, claims including claims by way of refund of
customs/ excise duty drawback scheme or any other scheme, bill, invoice
documents, contracts, insurance policies, guarantees, engagements securities
investments and rights and the present machinery and all future machinery
belonging to or in the possession of or under the control of the power wherever
lying, stored and kept in possession of borrower or of the bank or of any
third party whether in India or elsewhere throughout the world [including all
such goods other movable assets as may be in couse of shipment, transit or
delivery save and except present and future goods of the borrower.
All those piece and
parcels of land situate being and lying at 58th , Mile stone
Opposite Mittal Orchards, Village Binola, District and Tehsil Gurgaon,
Haryana in the name of Varroc Engineering Private Limited by way of equitable
mortgage together with the buildings and structure constructed/to be
constructed thereon and all the fixed plant and machinery and fixture annexed
thereto. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
a. The Company has been granted various credit
facilities as detailed in item 2 above and security of the property described
in item 3 above b. Rate of
interest Term Loan : 8.50%
p.a. being 3.75% below the banks prime lending rate [PLR] c. Margin Term Loan : 25%
of security value d. Repayment term loan of Rs.
40.000 Millions repayable in 48 monthly installments of Rs. 0.830 Million
each |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the
charge. |
IDBI Bank Limited IDBI House,
Dnyaneshwar Paduka Chowk, |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6) Date and brief description
of instrument modifying the charge |
NA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 |
|
Corporation identity number or foreign company registrations number of the company |
U28920MH1988PTC047335 |
|
Name of the company |
VARROC
ENGINEERING PRIVATE LIMITED |
|
Address |
E-4, MIDC, Waluj,
|
|
This Form is for |
Modification Charge |
|
Particular of the charge holder |
The Saraswat Co-operative Bank Limited,
Khadkeshwar, |
|
Amount Secure by the charge |
Rs. 71.200 Millions |
|
Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
|
Particulars of the |
General line on goods/ securities, Negotiable Instrument, Document of title and other monies of the guarantor in the hands and or under the control of the bank |
|
Modification charge Charge identification number of the charge to be modified |
80004232 |
|
Date of instrument modifying the charge |
16.05.2006 |
|
Particulars of the present modification |
The corporate guarantee shall also secure the additional cash credit of Rs. 10.000 Millions and letter of credit of Rs. 45.000 Millions sanctioned by the Bank to Varroc Exhaust Systems Private Limited |
|
Corporation identity number or foreign company registrations number of the company |
U28920MH1988PTC047335 |
|
Name of the company |
VARROC
ENGINEERING PRIVATE LIMITED |
|
Address |
E-4, MIDC, Waluj,
|
|
This Form is for |
Modification Charge |
|
Particular of the charge holder |
Industrial Development Bank of India Limited, Cuffe Parade, Mumbai - 400005 |
|
Amount Secure by the charge |
Rs. 50.000 Millions |
|
Principal of the Charge |
Parri – Passu Charge on borrower present and future current assets to secure the working capital facilities granted by the banks on such margin and rate of interest and other terms and conditions |
|
Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
|
Particulars of the |
Parri – Passu Charge on borrower present and future current assets to secure the working capital facilities granted by the banks on such margin and rate of interest and other terms and conditions |
|
Modification charge Charge identification number of the charge to be modified |
90232260 |
|
Date of instrument modifying the charge |
08.07.2006 |
|
Particulars of the present modification |
Working capital facilities of Rs. 160.000 Millions sanctioned by IDBI Limited |
|
Corporation identity number or foreign company registrations number of the company |
U28920MH1988PTC047335 |
|
Name of the company |
VARROC ENGINEERING
PRIVATE LIMITED |
|
Address |
E-4, MIDC, Waluj,
|
|
This Form is for |
Modification Charge |
|
Particular of the charge holder |
Corporation Bank,
14, Mumbai – |
|
Amount Secure by the charge |
Rs. 438.500 Millions |
|
Principal of the Charge |
Rate of Interest – Term Loans I, II, III – 9% and Cash Credit – 9% Margin – Term Loan – 35% Import – Cash Margin of 10% Bank Guarantee – Cash Margin – 10% |
|
Description of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
|
Particulars of the |
Parri – Passu Charge on borrower present and future current assets to secure the working capital facilities granted by the banks on such margin and rate of interest and other terms and conditions |
|
Modification charge Charge identification number of the charge to be modified |
90232260 |
|
Date of instrument modifying the charge |
08.07.2006 |
|
Particulars of the present modification |
Working capital facilities of Rs. 160.000 Millions sanctioned by IDBI Limited |
AS PER WEBSITE DETAILS:
CLIENTS:
Auto OEM
Ø Bajaj Auto Limited
Ø Honda Motorcycle
& Scooter
Ø Mahindra &
Mahindra Limited.
Ø Mahindra Renault
Private .Limited.
Ø Royal
Ø Tata Motors
Limited
Ø Yamaha Motors
India Private Limited
Auto Ancillaries
Ø Behr India Limited
Ø
Ø Endurance Systems
(
Ø Hanil Lear
Ø Lear Seating
Private . Limited
Ø Lombardini
Ø Tata Ficosa
Automotive Systems Limited.
Ø Tata Johnson
Controls Automotive Limited
Ø Tata Toyo Radiator
Limited .
Ø Visteon Automotive
Systems India Private Limited
Overseas Auto OEM
Ø Fiat Limited .,
Ø General Motors,
Ø General Motors,
Ø
Ø
Ø
Ø
Ø Scarpa &
Colombo srl,
Ø Iveco
Ø Audi and Daimler
White Goods
Ø Electrolux
Kelvinator Limited
Ø Godrej Appliances
Limited.
Ø LG Electronics
India Private Limited
Ø Videocon
Appliances Limited.
Appreciation & Awards
Varroc Team (Waluj Plant 4) wins 1st prize in CII- JIPM 9th
TPM Kaizen Conference in Pune on
It is a matter of pride for all Varroc Group members ,as
their entry (Switch plant WP4) won the
first prize in the 9th Kaizen competition conducted at Pune on
14~15th July-07
First time Varroc has participated in Kaizen Competition organized by TPM Club of India
Total 55 teams participated in the competition (Tata, BAL,
MUL, Brakes India, Mahindra, ITC, Godrej, Indian Oil, Marico etc…)
Team Members are-
- Miss Ashwini
Deulkar - Presentator
- Mr. Sunil
K.Verma
- Mr. Vilas
Cheke
- Mr.H.S.Thakare
- Mr.Pankaj
Varroc's passion is reflected in the excellence of their work, for which
they have received a lot of appreciation from their clients and even some
awards. From Bajaj the Superior Performance in Quality & Delivery award,
from LGEIL the Great Business Partners.
Bajaj Auto - Quality award Bronze to Varroc Exhaust Systems Private
Limited for manufacturing of PPM for
6(six) consecutive month.
Excellence award, the Most Trusted Organization for High Standard of
Fire & Safety from LG and many more.
The driving force behind the company's success is Tarang Jain, their
Managing Director. He has Helped Varroc grow, diversify and increase the range
of their products. Under his guidance Varroc has successfully collaborated with
Mitsuba Corporation, Japa. E.C.I.E. Italy,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 49.84 |
|
|
1 |
Rs. 76.81 |
|
Euro |
1 |
Rs. 64.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|