MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
VALCO INDUSTRIES LIMITED |
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Formerly Known As : |
VISHNU ASSOCIATES LIMITED |
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Registered Office : |
H No. 37, Sector 26, Madhya Marg, Chandigarh – 160 036, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.02.1988 |
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Com. Reg. No.: |
007968 |
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CIN No.: [Company
Identification No.] |
U74999CH1988PLC007968 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLV10652F |
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Legal Form : |
A Closely Held Public Limited Liability
Company |
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Line of Business : |
Manufacturer of Aluminium Extrusion Profiles/ Sections with the widest
possible combination of Alloy, Tamper, Shapes, Weight and Finishing’s. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1155000 |
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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 well-established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payment are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
H No. 37, Sector 26, Madhya Marg, Chandigarh – 160 036, Punjab |
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E-Mail : |
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Website : |
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Factory : |
184, Industrial Area, Phase I, Chandigarh – 160 002, Punjab, India. |
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Tel. No.: |
91-172-2651827/ 654731/ 388386 |
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Fax No.: |
91-172-2792937 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vijay Kumar Gupta |
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Designation : |
Director |
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Address : |
3007, Sector-19 D, Chandigarh, Punjab, India. |
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Date of Birth/Age : |
29.08.1961 |
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Date of Appointment : |
15.02.1988 |
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Name : |
Mr. Ashwani Kumar Gupta |
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Designation : |
Director |
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Address : |
3007, Sector-19 D, Chandigarh, Punjab, India. |
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Date of Birth/Age : |
15.01.1960 |
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Date of Appointment : |
15.02.1988 |
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Name : |
Mr. Ajay Kumar Gupta |
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Designation : |
Director |
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Address : |
3007, Sector-19 D, Chandigarh, Punjab, India. |
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Date of Birth/Age : |
23.06.1963 |
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Date of Appointment : |
15.02.1988 |
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Name : |
Ms. Monica Gupta |
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Designation : |
Director |
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Address : |
3007, Sector-19 D, Chandigarh, Punjab, India. |
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Date of Birth/Age : |
17.01.1961 |
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Date of Appointment : |
01.12.1994 |
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Name : |
Ms. Suman Gupta |
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Designation : |
Director |
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Address : |
3007, Sector-19 D, Chandigarh, Punjab, India. |
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Date of Birth/Age : |
14.06.1966 |
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Date of Appointment : |
01.12.1994 |
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Name : |
Ms. Rachna Gupta |
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Designation : |
Director |
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Address : |
3007, Sector-19 D, Chandigarh, Punjab, India. |
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Date of Appointment : |
01.12.1994 |
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Name : |
Ms. Roshni Devi |
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Designation : |
Director |
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Address : |
3007, Sector-19 D, Chandigarh, Punjab, India. |
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Date of Appointment : |
08.11.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
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Directors or relatives of directors |
100.000 |
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Total |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Extrusion Profiles/ Sections with the widest
possible combination of Alloy, Tamper, Shapes, Weight and Finishing’s. |
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Products : |
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Exports : |
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Countries : |
USA , Europe, Australia, UAE etc |
GENERAL
INFORMATION
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No. of Employees : |
About 150 |
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Bankers : |
NA |
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Banking
Relations : |
Satisfactory |
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Financial Institution : |
Member Sectretary Single Window Clearance Agency, Teh. Barotiwala and Nalagarh, Baddi – 173 205, Himachal Pradesh, India. |
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Auditors : |
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Name : |
Datta Singla and Company Chartered Accountants |
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Address : |
SCO 2935-36, Level 1, Sector 22-C, Chandigarh – 160 022, Punjab,
India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3500000 |
Equity Shares |
Rs.10/- Each |
Rs.35.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2219183 |
Equity Shares |
Rs.10/- Each |
Rs.22.192
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
22.192 |
22.192 |
22.192 |
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2] Share Application Money |
1.366 |
1.366 |
1.366 |
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3] Reserves & Surplus |
207.500 |
132.956 |
48.847 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
231.058 |
156.514 |
72.405 |
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LOAN FUNDS |
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1] Secured Loans |
129.660 |
34.493 |
40.297 |
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2] Unsecured Loans |
11.180 |
11.050 |
9.191 |
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TOTAL BORROWING |
140.840 |
45.543 |
49.488 |
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DEFERRED TAX LIABILITIES |
1.934 |
1.609 |
2.052 |
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TOTAL |
373.832 |
203.666 |
123.945 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
75.389 |
57.697 |
53.332 |
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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 |
41.784
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65.457 |
36.745 |
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Sundry Debtors |
76.864
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39.609 |
15.997 |
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Cash & Bank Balances |
137.426
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21.760 |
23.182 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
70.581
|
41.594 |
10.751 |
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Total
Current Assets |
326.655
|
168.420 |
86.675 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
28.212
|
22.451 |
12.424 |
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Provisions |
0.000
|
0.000 |
3.638 |
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Total
Current Liabilities |
28.212
|
22.451 |
16.062 |
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Net Current Assets |
298.443
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145.969 |
70.613 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
373.832 |
203.666 |
123.945 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
672.323 |
435.721 |
186.711 |
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Other Income |
0.000 |
0.000 |
2.001 |
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Total Income |
672.323 |
435.721 |
188.712 |
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Profit/(Loss) Before Tax |
84.244 |
91.722 |
28.670 |
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Provision for Taxation |
-- |
-- |
4.376 |
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Profit/(Loss) After Tax |
84.244 |
91.722 |
24.294 |
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Expenditures : |
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Raw Material Consumed |
533.951 |
312.370 |
124.565 |
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Increase/(Decrease) in Finished Goods |
6.263 |
(5.346) |
0.000 |
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Salaries, Wages, Bonus, etc. |
5.499 |
4.386 |
0.663 |
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Managerial Remuneration |
0.000 |
0.000 |
1.575 |
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Payment to Auditors |
0.027 |
0.022 |
0.022 |
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Interest |
4.874 |
4.501 |
1.447 |
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Insurance Expenses |
0.407 |
0.365 |
0.225 |
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Power & Fuel |
21.776 |
16.004 |
7.483 |
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Depreciation & Amortization |
8.631 |
7.039 |
4.694 |
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Other Expenditure |
6.651 |
4.658 |
19.368 |
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Total Expenditure |
588.079 |
343.999 |
160.042 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
12.53
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21.05 |
12.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.53
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21.05 |
15.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.95
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40.56 |
20.48 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36
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0.59 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.73
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0.43 |
0.91 |
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Current Ratio (Current Asset/Current Liability) |
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11.58
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7.50 |
5.40 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74999CH1988PLC007968 |
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Name of the
company |
VALCO INDUSTRIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
H No. 37, Sector 26, Madhya Marg, Chandigarh – 160 036, Punjab, India. |
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Type of charge |
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Particular of
charge holder |
Member Sectretary Single Window Clearance Agency, Teh. Barotiwala and Nalagarh, Baddi – 173 205, Himachal Pradesh, India. E-Mail: vickyvishal@rediffmail.com |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
07.02.2008 |
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Amount secured by
the charge |
Rs.3.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As per Agreement Terms of
Repayment: As per Agreement Margin: As per
Agreement Extent and
Operation of the charge: As per Agreement |
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Short particulars
of the property charged |
Plant and Machinery eligible for Central Investment Subsidy |
WEBSITE DETAILS:
PROFILE:
Subject (formally
known as M/s Vishnu Associates Limited) is a young company established in the
year 1998. They produce Aluminium Extrusion Profiles/ Sections with the widest
possible combination of Alloy, Tamper, Shapes, Weight and Finishing’s. Their
production facilities have certificate of quality assurance system ISO
9001:2000 from DNV certification B.V. accredited by the RvA.
Subject with its modern extrusion facilities operating productively deserves
its reputation at local and international market. It produces more than 1000
profiles and increasing the number day by day.
The exports to countries like Europe, Australia, USA, Middle East etc itself
means guaranteed quality and in time logistics.
Their production range includes Architectural Sections e.g. Building Door and
Windows, Curtain Walling, Cladding, Hardware etc, the Transport sections used
in building commercial Vehicles, Containers, Buses and Railways and Industrial
Profiles which are designed and produced to a very wide range like Lighting
Technology, Industrial Fencing, Refrigeration, Electronics, Transportation,
Defence, Agriculture, Aeronautics, Telecommunications, Automations, Hydraulics
and Construction etc.
Subject is dedicated for providing solutions of the Aluminium Extrusion market
and changing demands of their discerning customers. Their philosophy is to
provide Quality, Technology, Customer Satisfaction and Dynamism at most
competitive prices and within time frame, besides continually improving their
quality management system.
It is the quality of work and close customer accessibility in exports and
indigenised markets is that determines their success in the market place. Their
key of success is total commitment to customer satisfaction based upon their
proven ability to understand, anticipate and exceeds the needs and expectations
of their customers. Their policy of quality control is applicable at every
stage of manufacturing. Their highly effective team of management along with
technologists and skilled tradesmen’s speaks of their strength. Each player is
a specialist and absolutely committed to the system for providing excellent
product for a wide range of industries and ensuring optimum solutions each
time.
Their modern Production Devices, Precise Inspection Instruments, Testing and
Control Facilities designed to analyse physical mechanical and chemical
controls are of latest in technology. Their in-house facilities for
manufacturing of dies as per customer specifications and drawings are
controlled through the computers with the help of CAD/CAM, CNC machining centre
and wire cutting machines. Their sophisticated handling and finishing
equipment’s are of latest concepts and they are equipped with most modern
direct chill casting facilities for their foundry, where billets are made as
per customers specification. On these bases VALCO can ensure for economics with
quality and efficiency.
Subject in house surface finishes plant have facilities of Anodizing up to 30
micron and powder coating from 60 to 120 micron in all RAL colors shades up to
the length of 6750 mm. Needless to say that surface treatment of Aluminium
Sections either by Anodizing or Powder Coating increases the durability of the
material and provides the user with a variety of possibilities for color and
decorative design and thus a wider range of applications. Their facilities for
machining and fabrication of Aluminium profiles like punching, drilling,
assemblies etc for manufacturing value added products are latest in technology.
This is created with the idea to maximize their competitive edge and keeping
goal of uncompromising customer service.
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|