MIRA
INFORM REPORT
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Report Date : |
29.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
V K ENTERPRISES |
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Registered Office : |
147, Veena Dalvi Industrial Estate, S V Road, Oshiwara, Jogeshwari (West),
Mumbai-400102, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1979 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer of Industrial heat elements |
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 2500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ritesh |
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Designation : |
Personal Partner |
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Date : |
27.09.2008 |
LOCATIONS
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Registered Office/ Factory : |
147, Veena Dalvi Industrial Estate, S V Road, Oshiwara, Jogeshwari (West),
Mumbai-400102, Maharashtra, India |
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Tel. No.: |
91-22-26784577/ 26763880/ 26783266 |
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Mobile No.: |
91-9833624629 |
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Fax No.: |
91-22-26783266 |
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E-Mail : |
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Area : |
600 sq ft ( Owned) |
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Factory : |
5/221, Ashirwad Industrial Estate, Ram Mandir Road, Goregaon ( West),
Maharashtra, India |
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Tel. No.: |
91-22-26763880 |
PARTNERS
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Name : |
Mr. Virendra Vora |
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Designation : |
Partner |
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Date of Birth/Age : |
60 Years |
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Mobile No. : |
91-9820239872 |
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Name : |
Mr. Rakesh Vora |
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Designation : |
Partner |
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Date of Birth/Age : |
29 Years |
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Mobile No. : |
91-9820016943 |
KEY EXECUTIVES
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Name : |
Mr. Ritesh |
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Designation : |
Personal Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial heat elements |
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Products : |
·
Cartridge Heaters ·
Tubular Heaters ·
Ceramic Band Heaters ·
Mica Band Heaters ·
Glass Heaters ·
Porcelain Heaters ·
Cast Heaters ·
Air Duct Heaters ·
Ovens and Dryers ·
Immersion Heaters ·
Strip Heaters ·
Thermocouples ·
Hot Runner Heaters ·
Infra- Red Heaters ·
Flanged and Circulation Heaters |
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Exports : |
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Products : |
Industrial Heat Elements |
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Countries : |
·
Middle East ·
Sri Lanka |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
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No. of Employees : |
8 ( Office 2, Factory 6) |
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Bankers : |
Union Bank of India, Oshiwara Branch, |
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Facilities : |
O D Rs. 0.200 Million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C C Dalal and Company Chartered Accountant |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.500 Million (Estimanted) |
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Borrowed : |
-- |
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Total : |
Rs. 0.500 Million (Estimanted) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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5.000 |
Expected Sales (2008-09) : Rs. 6.200 Millions
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
An Overview
Subject or VKE, established in 1980, began with the manufacturing
of one product, i.e., heating element. Since then, VKE has expanded its product
line to include all kinds of electric heating applications. They are dedicated
to the design and manufacturing of resistance heating elements
for a variety of OEM and industrial applications. In addition, they can supply
compatible accessory items which enable them to offer a complete heating
system.
They manufacture heating elements for industrial applications. In
addition to electric heaters for industrial uses, they also manufacture heating
elements specific to customer’s requirement.
The OEM clients are based in India as well as in the overseas regions of
Middle East, Far East and Sri Lanka, besides other international regions.
The Products
At VKE, they believe that a good product can only be made from good
materials and good engineering, and they make use of only the best materials
available. The raw materials are sourced from industry leaders and pioneers all
over the world. Resistance alloys are sourced from Kanthal India Ltd., MgO from
UK, and tubes from industry leaders worldwide. Constant qualitative
improvements in construction and raw materials allow them to maintain the edge
in the market.
Unmatched Quality
The focus of VKE, since its inception in 1980, has been on quality. The
devotion to the pursuit of quality has enabled them to reach where they are
today. In an extremely competitive environment, the only thing that
distinguishes them from others is the quality of the products. All the materials
are checked 100% for required quality parameters at every stage of the
manufacturing process; with custom built inspection & testing equipments.
Rejected & defective pieces are removed from the shop floor for later
analysis &/or rework. Amongst the tests that they undertake for the heaters
include:
Meggar Test
Insulation Test
H.V. Test
Resistance Test,
etc.
The Infrastructure
VKE has constantly upgraded itself since its inception. From casting to small component
manufacturing, as well as fabrication; all are done in-house. The company has
invested heavily to meet the demand of growing markets and to enable minimum
lead times for the valued customers.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
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 |
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 |
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--LEVERAGE |
1~10 |
5 |
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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 |
YES |
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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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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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