MIRA
INFORM REPORT
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Report Date : |
27.10.2008 |
IDENTIFICATION DETAILS
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Name : |
VIKEM AMUSEMENT RIDES LIMITED |
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Registered Office : |
A43 Laghu Udyog
Kendra, I |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.12.1993 |
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Com. Reg. No.: |
11-75585 |
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CIN No.: [Company
Identification No.] |
U99999MH1993PLC075585 |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Amusement rides, Kiddy rides. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 170000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaint |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s performance is dealing. Trade relations are fair. No Complaints
have been heard from market sources. The company can be considered for small to mediocre business dealings. |
LOCATIONS
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Registered Office : |
A43 Laghu Udyog
Kendra, I |
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Tel. No.: |
91-2632-258986 |
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E-Mail : |
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Factory 1 : |
N H No.8, |
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Tel. No.: |
91-2632-258986/ 227378/ 227566 |
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Fax No.: |
91-2632-253386 |
DIRECTORS
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Name : |
Mr. Biren K. Champaneri |
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Designation : |
Director |
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Address : |
Godavari Baug, Tithal Road, Valsad – 396 001, |
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Date of Birth/Age : |
28.07.1970 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mrs. Anjana B. Champaneri |
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Designation : |
Director |
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Address : |
Godavari Baug, Tithal Road, Valsad – 396 001, |
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Date of Birth/Age : |
28.10.1976 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Kantilal L. Champaneri |
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Designation : |
Director |
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Address : |
Godavari Baug, Tithal Road, Valsad – 396 001, |
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E-Mail : |
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Name : |
Mrs. Sunita K. Champaneri |
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Designation : |
Director |
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Address : |
Godavari Baug, Tithal Road, Valsad – 396 001, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kantilal L. Champaneri |
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10000 |
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Mr. Biren K. Champaneri |
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10000 |
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Mrs. Sunita K. Champaneri
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10000 |
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Mrs. Rakhi A. Chauhan |
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10000 |
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Mr. Girish L. Champaneri |
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8000 |
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Mrs. Hemlata C Champaneri |
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1000 |
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Mrs. RIdhi G Champaneri |
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1000 |
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Total |
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50000 |
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Names of Allottee (As On 1.06.207) |
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No. of Shares |
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Mr. Kantilal L. Champaneri |
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100000 |
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Mr. Biren K. Champaneri |
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100000 |
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Mr. Girish L. Champaneri |
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100000 |
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Mrs. Sunita K. Champaneri
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50000 |
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Mrs. Rakhi A. Chauhan |
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100000 |
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Total |
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450000 |
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Equity share
breakup (percentage of total equity) |
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Category |
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Percentage |
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Directors or relatives of directors |
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100 |
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Total |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Amusement rides, Kiddy rides. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Iyer and Company Chartered Accountant |
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Address : |
C-5/21, |
CAPITAL STRUCTURE
(As On 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
11.899 |
11.899 |
11.899 |
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3] Reserves & Surplus |
22.619 |
22.582 |
22.401 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35.018 |
34.981 |
34.800 |
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LOAN FUNDS |
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1] Secured Loans |
3.109 |
2.926 |
7.569 |
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2] Unsecured Loans |
0.131 |
0.934 |
7.371 |
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TOTAL BORROWING |
3.240 |
3.860 |
14.940 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.258 |
38.841 |
49.739 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.397 |
5.198 |
5.030 |
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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 |
0.204 |
0.220 |
0.293 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.535
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2.246 |
43.267 |
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Sundry Debtors |
35.480
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45.503 |
10.313 |
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Cash & Bank Balances |
1.041
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0.765 |
0.285 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.157
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0.694 |
3.988 |
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Total
Current Assets |
44.213
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49.208 |
57.853 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.273
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15.676 |
13.385 |
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Provisions |
0.283
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0.109 |
0.052 |
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Total
Current Liabilities |
11.556
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15.785 |
13.437 |
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Net Current Assets |
32.657
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33.423 |
44.416 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.258 |
38.841 |
49.739 |
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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 |
26.752 |
49.682 |
27.321 |
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Other Income |
0.000 |
0.012 |
0.000 |
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Total Income |
26.752 |
49.694 |
27.321 |
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Profit/(Loss) Before Tax |
0.102 |
0.357 |
0.172 |
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Provision for Taxation |
0.033 |
0.030 |
(0.049) |
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Profit/(Loss) After Tax |
0.069 |
0.327 |
0.221 |
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Expenditures : |
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Raw Material Consumed |
23.729 |
44.820 |
16.388 |
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Increase/(Decrease) in Finished Goods |
(0.350) |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
0.533 |
1.291 |
3.408 |
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Managerial Remuneration |
0.418 |
0.627 |
0.717 |
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Payment to Auditors |
0.005 |
0.005 |
0.005 |
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Interest |
0.000 |
0.750 |
1.288 |
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Insurance Expenses |
0.000 |
0.162 |
0.225 |
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Power & Fuel |
0.000 |
0.476 |
0.825 |
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Depreciation & Amortization |
0.359 |
0.235 |
0.626 |
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Other Expenditure |
1.256 |
0.971 |
3.667 |
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Total Expenditure |
26.650 |
49.337 |
49.337 |
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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 |
(%) |
0.25
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0.65 |
0.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.38
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0.71 |
0.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.00
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0.00 |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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0.01 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.42
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0.56 |
0.81 |
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Current Ratio (Current Asset/Current Liability) |
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3.82
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3.11 |
4.30 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from 14, Juhu Gaurav Gulmoharcr Land No.1, JVPD
Scheme, Andheri (West), Mumbai – 400 057, Maharashtra, India to A43, Laghu Udyog Kendra, I B Patel Road, Goregaon
(East), Mumbai – 400 063, Maharashtra, India with
effect from 01.12.2007
Form 8
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Name of the company |
Vikem Amusement Rides Limited |
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Presented By |
Vijaya Bank and K. L. Champaneri,
Director, Vikem Amusement Rides Limited |
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1) Date and description of instrument creating the change |
24th
September, 2004 1. Packing Credit
Agreement for Rs.6.000 Millions 2. Agreement for
bills for Rs.4.000 Millions 3. Agreement for
demand cash credit against hypothecation of stock and book debts for Rs.5.000
Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.15.000
Millions (Rupees One Crore Fifty Lacs Only) |
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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 |
All stocks,
shares and marketable goods, book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at such
other rates may be determined by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank, Tithal
Road, Valsad |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U99999MH1993PLC075585 |
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Name of the
company |
Vikem Amusement Rides Limited |
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Address of the
registered office or of the principal place of business in |
A43, Laghu Udyog Kendra, I |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Vijaya Bank, Tithal
Road, Valsad – 396 001, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement demand
cash credit against hypo of stock and book debts |
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Date of
instrument Creating the charge |
10.09.2008 |
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Amount secured by
the charge |
Rs.20.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR+1+1= 16.00% Terms of
Repayment Cash Credit of
Rs.20.000 Millions for a maximum period of 3 months only. Back to back ILC Rs.7.500
Millions or revolving basis each to be reinstated four times to a maximum
limit of Rs.30.000 Millions Margin 35.00% Extent and
Operation of the charge Hypothecation of
fully insured Raw material used for amusement, stock in process and finished
goods T, fabrication material located at N H no.8, Abrama,
Valsad – 396 001 Others |
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Short particulars
of the property charged |
Hypothecation of
fully insured export goods, stock in process and finished goods TO Be
Supplied to M/S Alok Industries Limited, Silvasa Located at Vikem
Amusement Rides Limited, Off N H 8, Abrama, Valsad – 396 001 |
As Per Websites
They are one of the leading trading company and
manufacturers of Amusement rides, Kiddy
rides. They have installed reliable rides in their country as well as
Subject manufactured
a Super Jet in 1989 for the first time in
Range
The company is engaged in the manufacturing of Heavy rides to kiddy rides like:
- Ferries
Wheel
- Ranger
- Frisbee
Free Fall
- Roller
Coaster
- Water
Slides
- Children
Rides
- Thrill
Rides
- Family
Rides
- Monocable Gondola (Ropeway)
- Play Equipment
Corporate Philosophy
Subject is
guided by the philosophy to provide technologically sound Hi tech amusement to
the people which varies with time. The amusement rides
are manufactured at its state of art plant at Valsad,
Infrastructure
Their factory unit is spread over 39000 sq. meters (10
acres) of well developed land and employs highly trained and qualified workers.
The company also has on its payroll, professionals from different fields of
activity like mechanical engineers, electrical engineers, electronic engineers,
architects, designers, finance professionals who assist in designing and
developing the concept of the amusement rides from initialization till its
final completion.
Services
- Calculation
as per standards
- Engineering-design
- Concept
plans
- Layout
plans and master plans
- Custom
manufacturing (Steel and fiber glass)
- Reliable
after services and maintenance
- Water
slides system
- Expert
installation
- Dry rides and water rides system
The company is providing reliable services to the clients
all over his world with its Ferries
Wheel, Ranger, Frisbee Free Fall, Ropeway, Roller Coaster, Water Slides,
Children Rides, Thrill Rides, Family Rides, Monocable
Gondola (Ropeway) Play Equipment products. Their aim remains customer
satisfaction and safety.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.49.95 |
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|
1 |
Rs.79.56 |
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Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--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 |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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38 |
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 |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
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 |
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