MIRA INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
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Name : |
VESSER ENGINEERING SERVICES PRIVATE LIMITED |
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Registered
Office : |
108, New Civic Centre, Bhilai, District Durg, Bhilai – 490 006,
Chhattisgarh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.09.1996 |
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Com. Reg. No.: |
10-011270 |
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CIN No.: [Company Identification
No.] |
U74210MP1996PTC011270 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JBPV00418F/
JBPV00236F |
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PAN No.: [Permanent Account No.] |
AABCV0545K |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business
: |
Trader of
Mechanical Equipments and Steel Plant Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 108000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position is good. Trade relations are reported as fair.
Business is active. Payments are reported to be correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
108, New Civic Centre, Bhilai, District Durg, Bhilai – 490 006, |
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Tel. No.: |
91-788-2261584, 4091024,
4032674 |
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Fax No.: |
91-788-2220165 |
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E-Mail : |
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Website : |
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Area : |
3300 Sq. ft. |
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Location : |
Owned (3
Storeyed) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Baljeet Singh Dhami |
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Designation : |
Director |
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Address : |
QR. No.1, Street No.1, Smriti Nagar, Bhilai, District Durg, |
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Date of Birth/Age : |
29.10.1960 |
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Qualification : |
Graduate |
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Date of Appointment : |
27.09.1996 |
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DIN No.: |
01557562 |
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Name : |
Mr. Sukhjeet Singh Dhami |
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Designation : |
Director |
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Address : |
QR. No.1, Street No.1, Smriti Nagar, Bhilai, District Durg, |
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Date of Birth/Age : |
07.02.1965 |
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Date of Appointment : |
27.09.1996 |
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DIN No.: |
02901407 |
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Name : |
Mr. Manmeet Singh Dhami |
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Designation : |
Director |
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Address : |
QR. No.1, Street No.1, Smriti Nagar, Bhilai, District Durg, |
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Date of Birth/Age : |
08.08.1989 |
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Date of Appointment : |
01.01.2009 |
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DIN No.: |
02760707 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Baljeet Singh Dhami |
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91100 |
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Sukhjeet Singh Dhami |
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51100 |
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Swapan Preet |
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18000 |
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Total |
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160200 |
As on 15.11.2010
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Names of Allottees |
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No. of Shares |
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Ritu Mercantile Private Limited, |
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10000 |
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Baljeet Singh Dhami |
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10000 |
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Sukhjeet Singh Dhami |
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10000 |
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Total |
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30000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of
Mechanical Equipments and Steel Plant Equipments. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
Ř Avneet Ř Chopra Auto Ř Dev Travels Ř MWE Ř P.G. Enterprises, Ř Ř Cargomar Private Limited, Mumbai |
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Customers : |
·
Jai Sachidanand Enterprises ·
Orissa Sponge Iron and Steel Limited ·
·
Sail B.S.P., Bhilai ·
Sail B.S.P. (L.D) ·
Claudius Peters Projects GmbH |
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No. of Employees : |
10
(Approximately) |
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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 : |
Sanjay Manoj and
Associates Chartered
Accountants |
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Address : |
211, Khicharia
Complex, Nehru Nagar Sqaure, Bhilai – 490 020, |
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Tel. No.: |
91-788-4037568/
2221433 |
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Fax No.: |
91-788-4050560 |
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E-Mail : |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
190200 |
Equity Shares |
Rs.10/- each |
Rs.1.902
millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160200 |
Equity Shares |
Rs.10/- each |
Rs.1.602
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
1.602 |
1.602 |
1.602 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.354 |
19.977 |
13.928 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.956 |
21.579 |
15.530 |
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LOAN FUNDS |
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1] Secured Loans |
17.627 |
0.873 |
0.659 |
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2] Unsecured Loans |
10.003 |
11.300 |
0.244 |
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TOTAL BORROWING |
27.630 |
12.173 |
0.903 |
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DEFERRED TAX LIABILITIES |
0.076 |
0.000 |
0.000 |
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TOTAL |
54.662 |
33.752 |
16.433 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.664 |
3.545 |
3.178 |
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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 |
0.229 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
1.073
|
5.406 |
0.300 |
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Sundry Debtors |
8.639
|
4.399 |
9.272 |
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Cash & Bank Balances |
1.446
|
8.868 |
7.165 |
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Other Current Assets |
0.578
|
0.211 |
0.411 |
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Loans & Advances |
19.442
|
14.304 |
0.156 |
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Total
Current Assets |
31.178
|
33.188 |
17.304 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
4.513
|
2.142 |
2.116 |
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.667
|
1.068 |
1.933 |
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Total
Current Liabilities |
5.180
|
3.210 |
4.049 |
|
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Net Current Assets |
25.998
|
29.978 |
13.255 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
54.662 |
33.752 |
16.433 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales and Job Works |
100.564 |
100.128 |
68.830 |
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Other Income |
1.376 |
0.385 |
0.109 |
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TOTAL (A) |
101.940 |
100.513 |
68.939 |
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Less |
EXPENSES |
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Trading Purchases |
37.203 |
49.541 |
25.534 |
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|
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Direct Expenses |
14.939 |
20.434 |
13.504 |
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|
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Administrative Expenses |
15.407 |
13.119 |
11.272 |
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|
|
Selling and Distribution Expenses |
16.288 |
10.031 |
5.818 |
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|
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Variation in Stock |
4.333 |
(5.106) |
6.103 |
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TOTAL (B) |
88.170 |
88.019 |
62.231 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.770 |
12.494 |
6.708 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
3.283 |
2.044 |
0.182 |
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.487 |
10.450 |
6.526 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.449 |
0.922 |
0.986 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
9.038 |
9.528 |
5.540 |
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|
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|
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Less |
TAX (H) |
3.384 |
3.202 |
2.091 |
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PROFIT AFTER TAX
(G-H) (I) |
5.654 |
6.326 |
3.449 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.117 |
8.418 |
5.600 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.350 |
0.350 |
0.350 |
|
|
|
Proposed Dividend |
0.240 |
0.240 |
0.240 |
|
|
|
Dividend Tax |
0.037 |
0.037 |
0.041 |
|
|
BALANCE CARRIED
TO THE B/S |
19.144 |
14.117 |
8.418 |
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|
Earnings Per
Share (Rs.) |
35.29 |
602.50 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.55
|
6.29 |
5.00 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.99
|
9.52 |
8.05 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.10
|
25.94 |
27.05 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.44 |
0.36 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
0.71 |
0.32 |
|
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
6.02
|
10.34 |
4.27 |
LOCAL AGENCY FURTHER INFORMATION
OPERAITONS:
During the year the turnover (including interest and other receipts) of
the company is Rs.101.941 millions as against previous year Rs.100.513 millions.
The Net Profit for the year is Rs.5.959 millions as against previous year
Rs.6.326 millions.
FORM 8:
|
Corporate
identity number of the company |
U74210MP1996PTC011270 |
|
Name of the
company |
VESSER ENGINEERING SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
108, New Civic Centre, Bhilai, District Durg, Bhilai – 490 006, E-Mail: vesser.engineering@live.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10183753 |
|
Type of charge |
Immovable property Any interest in immovable property Book Debts Movable Property Floating Charge Others (Stocks and other current assets of the company) |
|
Particular of
charge holder |
State Bank of E-Mail: m.p.oommen@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. SME-1 LETTER
OF ARRANGEMENT DATED 08/01/2011 2. SME-3
Guarantee Agreement dated 19/01/2011 3. SME-4
Supplemental Agreement of loan cum hypothecation dated 19/01/2011 4. SME-7
Memorandum for recording extension of equitable mortgage |
|
Date of
instrument Creating the charge |
19/01/2011 |
|
Amount secured by
the charge |
Rs.50.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 6.5% above base
rate i.e. 14.50% p.a. Terms of
Repayment: Cash Credit on
demand Margin: WORKING CAPITAL: Raw Material:
N.A. Finished Goods:
25% Book Debts: 40% Advance to
suppliers: 40% Extent and Operation
of the charge: 100% Others: C.C.
(Hypothecation): Rs.50.000 millions (B/D Rs.20.000 millions and Advance to
Suppliers Rs.30.000 millions) |
|
Short particulars
of the property charged |
H.No.D-49
measuring 420 sq.mts. at Block-D, Plot No.43,
Block-F, admeasuring 420 sq.mtrs., situated at |
|
Date of latest
modification prior to the present modification |
23/09/2009 |
|
Particulars of
the present modification |
Total credit
facilities have been enhanced from Rs.16.000 millions to Rs.50.000 millions. |
FIXED ASSETS:
·
Electrical Fittings
·
Furniture and Fixtures
·
Air Conditioner
·
Office Equipment
·
Vehicle Tow Wheeler
·
Computer
·
Vehicle Motor Car
·
Office Renovation
·
Mobile Set
·
Color T.V.
·
Car Honda City
·
Car Skoda
·
Land and Building
WEBSITE DETAILS:
Overview
Established in 1996, subject is a compact yet highly motivated business house
providing procurement and consultancy solutions in industrial equipment, spares
and technical / material supplies for operational requirements of manufacturing
units, primarily in Steel, Cement and Power sectors.
In a decade of existence, Vesser has established techno-commercial associations
with more than 40 national and international organizations (see Associations)
and a long list of satisfied end-user clients. Vesser is justly proud of its
track record, and aims to build and improve relationships as it moves ahead
towards newer associations.
Location
Vesser's Head Office is located in Bhilai, an industrial township in the
central Indian state of Chhattisgarh. The area surrounding Bhilai is a hub of
heavy engineering and cement manufacturing units, and Bhilai itself is perhaps
best known for the Steel Authority of India Limited - Bhilai Steel Plant, one
of the world's premier integrated steel manufacturing units.
Bhilai is extremely well connected to all parts of
Services
Vesser's services can be broadly classified under the following categories:
Procurement wherein a client decides on the equipment, spares or supplies and/or
the manufacturer, and Vesser uses its resources to deliver the same to the
client location, and Consultancy wherein Vesser analyzes the client
requirements and suggests the specific equipment, spares or supplies to be
procured. On agreement and validation, Vesser then undertakes the procurement
process for the client.
Vesser also undertakes Turnkey assignments in association with its Solutions Associates.
Vesser also supplies raw material and refractory material for Steel and Cement
plants.
Testimonials
In a highly competitive business environment, associate and/or client
information is privileged. However, Vesser can freely provide references and
testimonials on relevant requests.
Objectives
To act as an techno-commercial interface between Technology Providers and
End-Users in providing on-time and cost effective delivery of technology,
equipment, spares, technical supplies.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.