MIRA
INFORM REPORT
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Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
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Name : |
VOLT-AGE INFRA PRIVATE LIMITED |
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Formerly Known
As : |
VOLT-AGE INFRASTRUCTURE AND POWER PROJECTS PRIVATE LIMITED |
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Registered
Office : |
C-403, 4th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.05.2003 |
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Com. Reg. No.: |
25-017937 |
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CIN No.: [Company Identification
No.] |
U31200PN2003PTC017937 |
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PAN No.: [Permanent Account No.] |
AACCV1102F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Subject is engaged in Design,
Engineering, Supply, Installation, Testing and Commissioning of various types
of Electrical Installations. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 110000 |
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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 a company having satisfactory track. Trade relations are
fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. The Latest Profit and loss of the company is not available. |
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
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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 PARTED BY
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Name : |
Mrs. Prashanti Hole |
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Designation : |
Senior Marketing Executive |
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Contact No.: |
91-9890900312 |
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Date : |
10.03.2011 |
LOCATIONS
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Registered Office : |
C-403, 4th Floor, |
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Tel. No.: |
91-20-24262084/ 24262085/ 86/ 30421582 |
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Mobile No.: |
91-9890900312 (Mrs. Prashanti Hole) |
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Fax No.: |
91-20-24267486 |
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E-Mail : |
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Website : |
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Area : |
1700 sq.ft. (Owned) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Suresh Anandrao Nikam |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
22.09.1961 |
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Qualification : |
Electrical Engineering |
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Experience : |
17 Years |
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Date of Appointment : |
08.05.2003 |
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DIN No.: |
01030942 |
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Name : |
Mrs. Ujjwala Suresh Nikam |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.02.1968 |
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Qualification : |
M.Com |
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Date of Appointment : |
08.05.2003 |
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DIN No.: |
01031090 |
KEY EXECUTIVES
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Name : |
Mrs. Prashanti Hole |
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Designation : |
Senior Marketing Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Suresh Nikam |
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679000 |
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Ujwala Nikam |
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131000 |
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Total |
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810000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Design, Engineering,
Supply, Installation, Testing and Commissioning of various types of
Electrical Installations. |
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Terms : |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
End Users Steel/
Automobile Industry
Food, Poultry,
Beverage and Dairy Industry
State Government
Project
Textile Industry
Co-Generation
Project
Corporation
Boards
Petroleum and
Oil Industry
Textile Industry
Commercial
Establishment
Railways Central Railway, DC-Ac Convertion, Wadibunder Mumbai |
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No. of Employees : |
Approximately 100 (In Office) |
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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 : |
S D Medadkar and Company Chartered Accountant |
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Address : |
56 Happy Apartments, |
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Tel. No.: |
91-20-24321147 |
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E-Mail : |
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Associates/Subsidiaries : |
Volt-Age Engineering Company Address: Office No. 109/110, Industrial Complex, Activity: Industrial Projects, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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850000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
810000 |
Equity Shares |
Rs. 10/-
each |
Rs. 8.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
8.100 |
8.100 |
8.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.764 |
9.142 |
7.528 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.864 |
17.242 |
15.628 |
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LOAN FUNDS |
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1] Secured Loans |
25.855 |
36.213 |
33.165 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
25.855 |
36.213 |
33.165 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
52.719 |
53.455 |
48.793 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.908 |
1.791 |
1.057 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.600 |
0.600 |
0.600 |
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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 |
4.883
|
10.070 |
8.603 |
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Sundry Debtors |
71.970
|
26.065 |
52.472 |
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Cash & Bank Balances |
0.873
|
2.611 |
0.041 |
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Other Current Assets |
39.955
|
37.179 |
19.896 |
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Loans & Advances |
0.107
|
0.107 |
3.683 |
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Total
Current Assets |
117.788
|
76.032 |
84.695 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
42.464
|
9.951 |
26.147 |
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Other Current Liabilities |
19.230
|
13.759 |
9.445 |
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Provisions |
5.883
|
1.266 |
1.984 |
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Total
Current Liabilities |
67.577
|
24.976 |
37.576 |
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Net Current Assets |
50.211
|
51.056 |
47.119 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.008 |
0.017 |
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TOTAL |
52.719 |
53.455 |
48.793 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
55.924 |
194.412 |
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Other Income |
|
0.248 |
0.165 |
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TOTAL (A) |
|
56.172 |
194.577 |
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Less |
EXPENSES |
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Cost of Sales |
|
41.430 |
177.258 |
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Indirect Expenses |
|
6.640 |
7.042 |
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Preliminary Expenses written off |
|
0.008 |
0.008 |
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TOTAL (B) |
|
48.078 |
184.308 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
8.094 |
10.269 |
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Less |
FINANCIAL
EXPENSES (D) |
|
5.314 |
4.246 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2.780 |
6.023 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.311 |
0.196 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
2.469 |
5.827 |
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Less |
TAX (H) |
|
0.855 |
1.830 |
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PROFIT AFTER TAX
(G-H) (I) |
|
1.614 |
3.997 |
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Earnings Per
Share (Rs.) |
|
1.99 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
2.87 |
2.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.41 |
2.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.17 |
6.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.14 |
0.37 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.48
|
3.55 |
4.53 |
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Current Ratio (Current Asset/Current Liability) |
|
1.74
|
3.04 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Prashanti Hole – 9890900312
·
Mr. Saurabh Bhate- 9890900311
·
MNr. Asif Bhujani- 8600993098
·
Mr. Suresh Nikam- 9890900052
Note:
The Registered office of the company has been
shifted from Off No. 109/110, Imdulal Complex, Lal Bahadur Shastri Marg, Pune,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U31200PN2003PTC017937 |
|
Name of the
company |
VOLT-AGE INFRA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
C-403, 4th Floor, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
a) Agreement of Loan-cum- Hypothecation b) Letter of Arrangement (Both the
documents executed for creation of single charge) |
|
Date of
instrument Creating the charge |
15.01.2011 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 3.65%
above the base rate which is presently 8% p.a. Present effective rate 11.65%l
p.a. or at rate prescribed by the bank from time to time. Terms of
Repayment As per agreement
with the bank Margin Semi Finished Goods
25%, Finished Goods 33%, Domestic Receivables 150 days 25%, Letter of Credit
and bank guarantee 20% Extent and
Operation of the charge Details of
Facilities Demand Cash Credit Rs. 50.000 Millions, Bank Guarantee Rs. 75.000
Millions, Letter of Credit Rs. 25.000 Millions, Total Rs. 150.000 Millions.
The charge on hypothecation assets continues till full repayment of loan. Others As per Agreement
with the bank |
|
Short particulars
of the property charged |
Hypothecation of
Existing as well as future current assets of the company at their premises
and at various godowns located all over or including stocks, goods in
transit, outstanding monies, book debts and receivables. |
Fixed Assets:
·
Computers
·
Office Equipments
·
·
Xerox Machine
·
Swift
·
Furniture and Fixture
·
Bajaj Vehicles
·
Plant and Machinery
·
Tools
AS PER WEBSITE
Profile:
Volt-Age was established in year 1991. Firm is a
dynamic technology corporation that is poised to capture substantial market share
in service industries. They have extensive experience in working with leading
industries in
Volt-Age has gained prominence and immense expertise in the field of Design, Engineering, Supply, Installation, Testing
and Commissioning of various types of Electrical Installations. The firm
is specialized in providing better Electrical services to the clients. The
mission is to provide clients across the state with quality engineering
services with a highly skilled and experienced professional team working
together using practical experience.
Volt-Age consistently provides the technical
expertise and services to construct the most prestigious projects. Volt-Age has a proven track record of
successfully taking numerous high profile projects from project concept through
completion. They are proud to have earned a reputation for high quality
electrical work in both heavy industrial and utility construction
Services:
1. EPC Projects on Turnkey basis:
- Power Co-Generation
Projects.
- Entire E.H.V.
Turnkey outdoor Substation project up to 220 KV.
- Huge
Industrial Projects - Entire internal and external Electrification work
with L.T. Power distribution on Turnkey basis.
- H.V.
Transmission line with Outdoor / Indoor substations upto 33 KV
- With both
internal and external resources, Volt-Age can effectively plan, supervise,
manage every aspect of installation process and ensure timely delivery and
completed installation in scheduled time.
- Hydropower
Projects.
2. O and M and Testing Services: -
- Testing of
Substation with equipments like Transformer, Circuit breaker, C.T, P.T.,
Control and Relay panel etc. with experienced engineers and achieving
highest satisfaction of the customer and ensuring trouble free operation
of the substation.
- Cost
effective Annual Maintenance contract (AMC) of Electrical substation.
- Planned
maintenance according to Master maintenance plan.
- They have the
own test Lab with all advance testing equipments, oil filtration machine to
give quick and reliable service to the customers
Current Project:
- 132 / 33 KV,
2 X 20 MVA Substation for Mahindra Forgings Limited, Chakan, Pune,
Contract value – Rs. 120.000 Millions
- 33/0.415 KV
Substation with 33 KV H.T. Line for New Textile Unit of M/s Oswal F.M.
Hammerle Textiles Limited, at MIDC. Kagal,
- 22 KV
Substation with 22 KV/433 V Transformer and Internal L.T. Distribution
work for New Steel Unit of M/s Zamil Steel Buildings India Private Limited,
at Ranjangaon, Pune. Contract Value – Rs. 40.000 Millions
- 22 KV
Substation with 11 KV/433 V Transformer and Internal L.T. Distribution
work for New Textile Unit of Bombay Dyeing Limited, at Ranjangaon, Pune.
Contract Value – Rs. 20.000 Millions
- 110/25KV
Traction Substation at Pune for Central Railway – Contract value Rs.
25.000 Millions
- 3 Nos of
132/6.6KV, 12/16 MVA Transformer bays for Hyderabad Water Supply and
Sewerage Board – Contract Value Rs. 20.000 Millions
- 11/33KV
Substation for Cogeneration project of Loknete Baburao Patil S.S.K.
Limited,
- 1/33KV
Substation for Cogeneration project of Vitthal Rao Shinde S.S.K. Limited,
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.45.15 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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.