MIRA
INFORM REPORT
|
Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIJAYDEEP HI-TECH PRIVATE LIMITED |
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Registered
Office : |
No.7, 6th Cross, AM Road, Kalasipalyam New Extension,
Bangalore-560 002, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
08.11.1996 |
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Com. Reg. No.: |
21362 |
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CIN No.: [Company Identification
No.] |
U34300KA1996PTC021362 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRV01072B |
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Legal Form : |
Private limited liability company. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Precision Gears and Sprockets (Having
Facility of Shaved and Ground Gears), Precision Rubber and Plastic
Components, Multi operations Metal Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 34000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the financial of the company with Government
Department after 2008. However trade relations are reported as fair. Business
is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Deepchand Jain |
|
Designation : |
Director |
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Date : |
27.01.2011 |
LOCATIONS
|
Registered Office : |
No.7, 6th Cross, AM Road, Kalasipalyam New Extension,
Bangalore-560 002, |
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Tel. No.: |
91-80-26708802/26709121 |
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E-Mail : |
DIRECTORS
As on 29.09.2008
|
Name : |
Mr. Deepachand Jain |
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Designation : |
Director |
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Address : |
No.407/7, 4th Floor, IHFD Apartment, |
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Date of Birth/Age : |
14.01.1959 |
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Date of Appointment : |
08.11.1996 |
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Name : |
Ms. Laitha Bai |
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Designation : |
Director |
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Address : |
No.407/7, 4th Floor, IHFD Apartment, |
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Date of Birth/Age : |
18.10.1960 |
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Date of Appointment : |
08.11.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Deepachand Jain |
|
37680 |
|
Laitha Bai |
|
13070 |
|
Vijay Kumar |
|
25260 |
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Total |
|
76010 |
As on 29.09.2008
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Precision Gears and Sprockets
(Having Facility of Shaved and Ground Gears), Precision Rubber and Plastic
Components, Multi operations Metal Components. |
GENERAL INFORMATION
|
Bankers : |
·
HDFC Bank ·
ICICI Bank ·
State
Bank of |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Pandurang Shenoy and Company Chartered Accountants |
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Address : |
33/8, 12th Cross Road, 8th Main, Malleshwaram,
Bangalore-560 003, |
CAPITAL STRUCTURE
As on 29.09.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- Each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
76010 |
Equity Shares |
Rs.100/- Each |
Rs.7.601
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
7.601 |
7.601 |
7.601 |
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2] Share Application Money |
3.963 |
4.063 |
5.011 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3.129) |
(5.495) |
(8.248) |
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NETWORTH |
8.435 |
6.169 |
4.364 |
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LOAN FUNDS |
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1] Secured Loans |
53.894 |
60.216 |
59.079 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
53.894 |
60.216 |
59.079 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
62.329 |
66.385 |
63.443 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
49.050 |
51.069 |
58.214 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.900
|
6.252 |
3.850 |
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Sundry Debtors |
8.697
|
1.730 |
0.048 |
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Cash & Bank Balances |
0.087
|
0.456 |
0.183 |
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Other Current Assets |
0.000
|
1.871 |
0.000 |
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Loans & Advances |
7.254
|
6.422 |
2.712 |
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Total
Current Assets |
16.938
|
16.731 |
6.793 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.494
|
0.000 |
1.190 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
2.165
|
1.415 |
0.378 |
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Total
Current Liabilities |
3.659
|
1.415 |
1.568 |
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Net Current Assets |
13.279
|
15.316 |
5.225 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
62.329 |
66.385 |
63.443 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SALES |
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TOTAL |
21.900 |
25.229 |
7.117 |
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Less |
EXPENSES |
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TOTAL |
18.705 |
22.128 |
21.805 |
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PROFIT BEFORE
TAX |
3.195 |
3.101 |
(14.688) |
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Less |
TAX |
0.329 |
0.348 |
0.000 |
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PROFIT AFTER TAX
|
2.866 |
2.753 |
(14.688) |
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Earnings Per
Share (Rs.) |
0.38 |
0.04 |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
13.09
|
10.91 |
(206.38) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.84
|
4.57 |
(22.59) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.50 |
(3.37) |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.82
|
9.99 |
13.90 |
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Current Ratio (Current Asset/Current Liability) |
|
4.63
|
11.82 |
4.33 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the period under report, the company
made a profit of Rs.3.195 millions (PY Rs.3.101 millions) The Directors are
hopeful in achieving substantial improvement in coming years.
FORM 8:
|
Name of the
company |
Vijaydeep Hi-Tech
Private Limited No.07, A M Road,
J. C. Rpad Cross, |
|
Presented
By |
State Bank of Visweswarapuram
Branch, |
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1) Date and description of instrument creating the change |
Date 08.02.1999 Articles of
Agreement MTL Pledge of movable Machinery. Letter of Under
taking not to create any further charge on their assets. 9both the above
pertain to same charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.800 Millions
|
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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 |
Machineries already
possessed to be purchased as per invoice submitted to the Bank |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Ret of Interests:
3.83% above SBMTLR with a minimum of 16.83% per annum with quarter rests. Repayment: 12
monthly instalments of Rs.0.058 Million each commencing from 01.05.1999 The company has
undertaken not to create any furthe4r charges without obtaining prior written
permission of the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Visweswarpuram
Branch, Visweswarapuram, |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Fixed
Assets:
·
Air Cooler
·
Computers
·
Electrical Fittings
·
·
Furniture and Fixture
·
Plant and Machinery
·
Generator
·
Mobile Instrument
·
Water Machine
·
Xerox Machine
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.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.