Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
VEER-O-METALS PRIVATE LIMITED |
Principal Name 1 |
Mr. Sham Sunder |
|
Status |
Good |
Principal Name 2 |
Mr. Praneet Kumar |
|
|
|
Registration # |
029692 |
|
Street Address |
A-02, Bel Industrial Estate, Jalakalli, Bangalore 560013, Karnataka |
||
|
Established Date |
24.10.2001 |
SIC Code |
-- |
|
Telephone# |
91-80-23451945 |
Business Style 1 |
Manufacture
of Quality Precision Sheet Metal Components and Mechanical Sub-Assemblies |
|
Fax # |
91-80-23450654 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 10,500,000 |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors 100% |
Banking |
State Bank of India |
|
Public Limited Corp. |
-- |
Business Period |
10 years |
|
IPO |
-- |
International Ins. |
-- |
|
Public |
-- |
Rating |
Ba (49) |
|
Related
Company |
|||
|
Relation - Associates/Subsidiaries |
Country
|
Company
Name |
Jap
Engineering (Partnership Firm) |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
222,731,000 |
Current Liabilities |
171,164,000 |
|
Inventories |
119,239,000 |
Long-term Liabilities |
187,964,000 |
|
Fixed Assets |
199,704,000 |
Other Liabilities |
42,000 |
|
Deferred Assets |
0 |
Total Liabilities |
359,170,000 |
|
Invest& other Assets |
116,980,000 |
Retained Earnings |
288,984,000 |
|
|
0 |
Net Worth |
299,484,000 |
|
Total Assets |
658,654,000 |
Total Liab. & Equity |
658,654,000 |
|
Total Assets (Previous Year) |
541,089,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
871,647,000 |
Net Profit |
53,023,000 |
|
Sales(Previous yr) |
1,002,530,000 |
Net Profit(Prev.yr) |
66,800,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
VEER-O-METALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-02, Bel Industrial Estate, Jalakalli, Bangalore 560013, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.10.2001 |
|
|
|
|
Com. Reg. No.: |
029692 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30009KA2001PTC029692 |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business
: |
Manufacture
of Quality Precision Sheet Metal Components and Mechanical Sub-Assemblies |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1197936 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
A-02, Bel Industrial Estate, Jalakalli, Bangalore 560013, Karnataka,
India |
|
Tel. No.: |
91-80-23451945 |
|
Fax No.: |
91-80-23450654 |
|
E-Mail : |
|
|
|
|
|
Corporate Head Office : |
No. 2, Sy No. 51/1A, Hoskur Road, Heggadadevapura, Dasanapura, Bangalore
562123, Karnataka, India |
|
Tel. No.: |
91-80-23712195 / 23712196 |
|
Fax No.: |
91-80-23712235 |
|
E-Mail : |
DIRECTORS
AS ON 15.09.2010
|
Name : |
Mr. Sham Sunder |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.08.1949 |
|
Date of Appointment : |
03.07.2007 |
|
|
|
|
Name : |
Mr. Praneet Kumar |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.03.1976 |
|
Date of Appointment : |
24.10.2001 |
|
|
|
|
Name : |
Mr. Sewak Ram |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.01.1924 |
|
Date of Appointment : |
24.10.2001 |
|
|
|
|
Name : |
Mr. Viswadharini Kumar |
|
Designation : |
Director |
|
Date of Birth/Age : |
09.06.1976 |
|
Date of Appointment : |
30.09.2006 |
|
|
|
|
Name : |
Mr. Vaneet Shamsunder |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.11.1978 |
|
Date of Appointment : |
30.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Sham Sunder |
301850 |
|
Mr. Praneet Kumar |
194180 |
|
Mr. Sewak Ram |
339590 |
|
Mr. Viswadharini Kumar |
10000 |
|
Mr. Vaneet Shamsunder |
194180 |
|
Sham Sunder Karta |
10000 |
|
Sewak Ram Karta |
200 |
|
Total |
1050000 |
AS ON 15.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture
of Quality Precision Sheet Metal Components and Mechanical Sub-Assemblies |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
·
State Bank of India, Specialized Commercial Branch,
Krishi Bhavan, 1st Floor, Hudson Circle, Bangalore 560001,
Karnataka, India ·
HDFC Bank ·
Citi Bank |
||||||||||||||||||||||||||||||||||||
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Facilities : |
Rs. In Millions
|
||||||||||||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N V Ramana and Company Chartered Accountant |
|
Address : |
253/3(1), 13th Cross, 2nd Stage, Indiranagar,
Bangalore 560038, Karnataka, India |
|
|
|
|
Associates/Subsidiaries : |
·
Sri Hari Precision Products Private Limited (A Private
Limited Company) ·
Jap Engineering (Partnership Firm) ·
Plastronics (Partnership Firm) ·
Fabio Decoree (Partnership Firm) · CIV Power and Automation P Limited (A Private Limited Company) |
CAPITAL STRUCTURE
AS ON 15.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2100000 |
Equity Shares |
Rs. 10 each |
Rs.21.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1050000 |
Equity Shares |
Rs. 10 each |
Rs.10.500 millions |
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 |
|
|
|
|
|
1] Share Capital |
10.500 |
10.500 |
10.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
288.984 |
235.960 |
169.160 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
299.484 |
246.460 |
179.660 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
184.930 |
149.047 |
125.308 |
|
|
2] Unsecured Loans |
3.034 |
13.300 |
4.138 |
|
|
TOTAL BORROWING |
187.964 |
162.347 |
129.446 |
|
|
DEFERRED TAX LIABILITIES |
0.042 |
1.672 |
1.376 |
|
|
|
|
|
|
|
|
TOTAL |
487.490 |
410.479 |
310.482 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
199.704 |
183.054 |
121.071 |
|
|
Capital work-in-progress |
89.305 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
27.588 |
36.986 |
22.263 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
119.239
|
92.864 |
71.151 |
|
|
Sundry Debtors |
124.576
|
126.306 |
89.905 |
|
|
Cash & Bank Balances |
39.631
|
41.273 |
21.819 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
58.524
|
60.506 |
66.989 |
|
Total
Current Assets |
341.970
|
320.949 |
249.864 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
138.641
|
89.816 |
46.848 |
|
|
Other Current Liabilities |
15.938
|
20.800 |
14.442 |
|
|
Provisions |
16.585
|
19.994 |
21.605 |
|
Total
Current Liabilities |
171.164
|
130.610 |
82.895 |
|
|
Net Current Assets |
170.806
|
190.339 |
166.969 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.087 |
0.100 |
0.179 |
|
|
|
|
|
|
|
|
TOTAL |
487.490 |
410.479 |
310.482 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
871.647 |
1002.530 |
663.999 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Selling and Distribution Expenses |
|
|
|
|
|
|
Office Expenses |
809.202 |
926.352 |
600.126 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
809.202 |
926.352 |
600.126 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
62.445 |
76.178 |
63.873 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
62.445 |
76.178 |
63.873 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
62.445 |
76.178 |
63.873 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.422 |
9.378 |
9.810 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
53.023 |
66.800 |
54.063 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
226.460 |
159.660 |
105.597 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
279.483 |
226.460 |
159.660 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
734.806 |
873.110 |
621.456 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
118.952 |
420.041 |
206.398 |
|
|
|
Capital Goods |
62.794 |
57.664 |
30.069 |
|
|
TOTAL IMPORTS |
181.746 |
477.705 |
236.467 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.50 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.08
|
6.66 |
8.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.52
|
15.11 |
17.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.30 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.19
|
1.19 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
2.45 |
3.01 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
The
Company is engaged in the manufacture of Quality precision Sheet Metal components
and Mechanical sub-assemblies. The Company is an OEM Supplier of Mechanical
components and sub-assemblies to the computer and peripherals, Medical
Electronics, Automobile, Switch gear, Telecom industries and other industries.
FIXED ASSETS
·
Plant and Machinery
·
Land and Building
·
Motor Car
·
Furniture and Fixture
·
Office Equipments
·
Computer
·
Quality Instruments
FORM 8
|
Corporate
identity number of the company |
U30009KA2001PTC029692 |
|
Name of the
company |
VEER-O-METALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-02, Bel Industrial Estate, Jalakalli, Bangalore 560013, Karnataka,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable property
|
|
Particular of
charge holder |
State Bank of India, Specialized Commercial Branch, Krishi Bhavan, 1st
Floor, Hudson Circle, Bangalore 560001, Karnataka, India Email: jsurya@vsnl.com |
|
Nature of instrument
creating charge |
Letter From State
Bank Of India |
|
Date of
instrument Creating the charge |
14.09.2010 |
|
Amount secured by
the charge |
Rs. 426.900
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of repayment Repayable on
demand Extent and operation of the charge Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits. |
|
Short particulars
of the property charged (Including location of the property) |
Release of
collateral security on immovable properties situated at Sy. No. 13, 13/1 and
13/2, 3rd Main Road, Mathikere,
Bangalore for the credit facilities M/s. Arun Udai
Precision Products Private Limited remains closed. However these securities
shall continue towards the credit facilities sanctioned to Veer-O- Metals
Private Limited. |
|
Date of
instrument modifying the charge |
24.12.2009 |
|
Particulars of
the present modification |
Total limits
remains unchanged at Rs. 426.900 millions. Release of collateral security on
immovable properties situated at Sy. No. 13, 13/1 and 13/2, 3rd Main Road,
Mathikere, Bangalore for the credit facilities sanctioned to M/s. Arun Udai
Precision Products Private Limited remains closed. However these securities
shall continue towards the credit facilities sanctioned to Veer-O- Metals
Private Limited. All other terms,
conditions and existing securities to continue. |
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.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.