MIRA
INFORM REPORT
|
Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VECTRA ADVANCED ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Vectra House No. 15, 1st Main Road, Gandhinagar, Bangalore
– 560 009, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.12.1999 |
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Com. Reg. No.: |
08 – 30375 (New) 123309 (Old) |
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CIN No.: [Company
Identification No.] |
U29299KA1999PTC030375 / U99999MH1999PTC123309 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRV03063E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Different type of Cranes of
varying load capacities, Trailers and Concrete Mixers |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 1100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of medium-sized. Vectra Group having moderate track.
Company’s profitability is under severe pressure. It has good amount of accumulated
losses. Trade relations are fair. Payments are reported as usually made as
per commitments. The company can be considered for small to mediocre business dealings. |
LOCATIONS
|
Registered Office : |
Vectra House No. 15, 1st Main Road, Gandhinagar, Bangalore
– 560 009, Karnataka, India |
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Tel. No.: |
91-80-41290011 / 22207736 |
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Fax No.: |
91-80-41516422 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 22, Udyog VIhar, Greater Noids, P O Surajpur – 201 306, Uttar
Pradesh, India |
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Tel. No.: |
91-120-2569873 / 541 / 542 |
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Fax No.: |
91-120-2560831 |
DIRECTORS
|
Name : |
Mr. Bharat Bhushan S Bahl |
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Designation : |
Director |
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Address : |
Raj Niketan, 10th Floor, Rigde Road, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
14.09.1942 |
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Date of Appointment : |
27.12.1999 |
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Name : |
Mr. Anil M Mansharamani |
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Designation : |
Director |
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Address : |
P-29, South Extension, Part – II, New Delhi – 110 049, Delhi, India |
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Date of Birth/Age : |
14.07.1955 |
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Date of Appointment : |
27.12.1999 |
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Name : |
Mr. Surindar Singh K Kahlon |
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Designation : |
Director |
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Address : |
B-501, Sparten Heights, Richmond, Bangalore – 560 025, Karnataka,
India |
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Date of Birth/Age : |
18.11.1949 |
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Date of Appointment : |
01.03.2001 |
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Name : |
Mr. Ravinder Kumar J Rishi |
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Designation : |
Director |
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Address : |
31, Fife Road, London, London SW 14 7EJ, UK |
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Date of Birth/Age : |
09.09.1955 |
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Date of Appointment : |
02.09.2002 |
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Name : |
Mr. Ravinder Singh G Kahlon |
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Designation : |
Director |
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Address : |
373, Sector – 37, Noida – 201 303, Uttar Pradesh, India |
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Date of Birth/Age : |
08.04.1939 |
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Date of Appointment : |
02.09.2002 |
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Name : |
Mr. Ashok Kumar |
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Designation : |
Director |
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Date of Birth/Age : |
12.12.1964 |
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Date of Appointment : |
13.02.2007 |
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Name : |
Mr. Pushpinder Oberoi |
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Designation : |
Director |
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Date of Birth/Age : |
22.10.1954 |
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Date of Appointment : |
13.02.2007 |
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Name : |
Mr. Vijay R Sharma |
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Designation : |
Director |
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Address : |
No.9, Eagle Close, Uttoxeter Staffs, ST 14 8TW, UK |
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Date of Appointment : |
02.09.2002 |
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Name : |
Mr. Sudarshan Vijayaraghavan Prativadabhayankara |
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Designation : |
Director |
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Address : |
Sovereign Apartments, Apartment No. 202, No. 56. K R Road,
Basavangudi, Bangalore – 560 004, Karnataka, India |
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Date of Birth/Age : |
27.11.1947 |
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Date of Appointment : |
28.07.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of
Shareholders |
No. of Shares |
|
Bharat Bhushan S Bahl |
10 |
|
Nitin B Bahl |
10 |
|
Vectra Investments Private Limited |
90000 |
|
Deepti R Rishi |
2347550 |
|
Suruchi R Rishi |
1847550 |
|
Swati R Rishi |
1847550 |
|
Rati R Rishi |
1847550 |
|
Hemang R Rishi |
1847550 |
|
Vectra Limited |
19494340 |
|
Ravinder Kumar J Rishi |
500000 |
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|
|
|
Total |
29822110 |
List of Allotees
|
Names of
Allotees |
No. of Shares |
|
Vectra Limited, London |
6300100 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas corporate bodies or Others |
99.62 |
|
Bodies corporate |
0.38 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Different type of Cranes of
varying load capacities, Trailers and Concrete Mixers |
|
|
|
|
Products : |
·
Cranes o Boom Type Cranes o Articulating
(Foldable) Cranes ·
Truck Mounted Concrete Transit Mixer ·
Tipping Trailer-Model-V-Stt-60 ·
“Tic-Tac” Tipper Full Trailer - Model V-Ftt-20 ·
Heman 175 Skid Steer Loader ·
Multi-Purpose Telescopic Excavator ·
Tanker For Water Transportation ·
Water Bowser (Tanker) ·
Tanker For Fuel Transportation |
GENERAL
INFORMATION
|
Bankers : |
ABN Amro Bank NV 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai – 400
021, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
N M Raiji and
Company Chartered Accountants |
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Address : |
Universal Insurance Building, Plerozeshah Mehta Road, Mumbai – 400
001, Maharashtra, India |
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Tel. No.: |
91-22-22870068, 22873463 |
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Fax No.: |
91-22-22828646 |
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Group Companies : |
·
Vectra Limited ·
Tatra Vectora Motors Limited ·
Global Offset Exchange Private Limited ·
Global Vectra Helicorp Limited ·
Terex Vectra Equipment Private Limited ·
Vectra Azad Engineering Private Limited ·
Vectra Investment Private Limited ·
Vectra IT Solutions Private Limited ·
Vectra Engineering Material Private Limited ·
Tatra Spiox UK Limited |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29822110 |
Equity Shares |
Rs.10/- each |
Rs.298.221
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 |
298.221 |
235.220 |
195.074 |
|
|
2] Share Application Money |
0.000 |
0.000 |
24.017 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(73.315) |
(35.203) |
(25.868) |
|
|
NETWORTH |
224.906 |
200.017 |
193.223 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
54.145 |
52.258 |
|
|
2] Unsecured Loans |
280.458 |
158.250 |
145.792 |
|
|
TOTAL BORROWING |
280.458 |
212.395 |
198.050 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
505.364 |
412.412 |
391.273 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
396.280 |
358.800 |
331.224 |
|
|
Capital work-in-progress |
0.000 |
5.167 |
30.187 |
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.927
|
22.948 |
24.988 |
|
|
Sundry Debtors |
9.817
|
11.567 |
7.079 |
|
|
Cash & Bank Balances |
3.620
|
3.944 |
6.882 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
145.322
|
51.313 |
19.440 |
|
Total
Current Assets |
174.686
|
89.772 |
58.389 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
64.851
|
40.722 |
28.095 |
|
|
Provisions |
0.751
|
0.605 |
0.432 |
|
Total
Current Liabilities |
65.602
|
41.327 |
28.527 |
|
|
Net Current Assets |
109.084
|
48.445 |
29.862 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
505.364 |
412.412 |
391.273 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
33.548 |
53.110 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
33.548 |
53.110 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(38.037) |
(9.197) |
|
|
Provision for Taxation |
|
0.074 |
0.138 |
|
|
Profit/(Loss) After Tax |
|
(38.111) |
(9.335) |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Financial Charges |
|
3.702 |
6.772 |
|
|
Depreciation & Amortization |
|
16.133 |
15.031 |
|
|
Other Expenditure |
|
51.750 |
40.504 |
|
Total Expenditure |
|
71.585 |
62.307 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(113.60)
|
(17.58) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(113.38)
|
(17.32) |
NA |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.66)
|
(2.05) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.05) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
1.27 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
2.17 |
2.05 |
LOCAL AGENCY FURTHER
INFORMATION
Form No. 8
|
Corporate
identity number of the company |
U29299KA1999PTC030375 |
|
Name of the
company |
VECTRA ADVANCED ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Vectra House No. 15, 1st Main Road, Gandhinagar, Bangalore
– 560 009, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
ABN Amro Bank NV 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai – 400
021, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplementary
Deed of Hypothecation of Movable Assets |
|
Date of
instrument Creating the charge |
28.07.2008 |
|
Amount secured by
the charge |
Rs.195.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Credit Facilities Interest / Commission – As agreed by and with the Bank from time to
time. ·
Terms of
repayment As agreed by and with the Bank from time to time. ·
Margin As applicable, if any. ·
Extent and
operation of the charge The Bank is having first exclusive charge / sloe charge on the
security provided by the company. |
|
Particulars of
the property charged |
Hypothecation on
entire movable plant and machinery including all the spare parts and all
other movable assets such as furniture. Fixture, fittings, vehicles,
equipment, both present and future located at Vectra House No. 15, 1st Main Road, Gandhi Nagar, Bangalore – 560
009 or any other locations in India. |
|
Particulars of
the present modification |
By present
modification, the charge enhanced from Rs.95.000 millions to Rs.195.000
millions. Now, the charge has also been modified From first pari passu charge
along with other lenders to first exclusive charge / Sole charge in favour of
the Bank. |
Web Details
Vectra Group
The Vectra Group is a multi-dimensional portfolio of companies
that operate in various business domains across the world. The core businesses
of the Group are Engineering, Material Handling and Construction Equipment,
Automotive and Real Estate, Information Technology and Services sectors.
Operations of the Vectra Group are primarily in India and Eastern Europe
spanning over 20 companies with 8 manufacturing facilities in 6 countries. In
addition Vectra Group has representative offices and/or investments in France,
Russia, Singapore and Hungary with the Group’s headquarters in the U.K.
Vectra Vision
Today the Vectra team comprises of over 1500 people around
the globe led by a dynamic and entrepreneurial management. The vision of
Vectra’s leadership is to grow the organization into a global corporation with
local focus by chartering new partnerships, introducing new technologies and
continuously adding value to the Group’s customers and stakeholders.
About Vectra Advanced Engineering
Subject is committed to bring in world class products with cutting edge
technology. The Company plans to do this by collaborating with world’s leading
companies and then produce high grade products within India. With its Head
Office at Bangalore and Regional Offices at Mumbai and Delhi, the company is
steadily expanding its presence in India.
The existing products come in a vast variety. These include a wide range of
cranes, both boom and articulating type with different load capacities. There
is a full range of trailers and transit concrete mixers.
The unique product recently introduced by the company is the “HEMAN SKID
STEER LOADER”, with excellent features that add teeth to the performance by
ensuring high productivity, with its amazing and 50 comprehensive attachments,
which turns “ONE MAN INTO AN ARMY”
Thus, Subject is determined to usher in India and across the globe the latest
that technology can offer worldwide.
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.44.21 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
|