1. Summary Information
|
|
|
Country |
|
|
Company Name |
VEEKAY CONNECTORS PRIVATE LIMITED |
Principal Name 1 |
Mr. Mridul Mittal |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Purnendu Mittal |
|
|
|
Registration # |
20-021265 |
|
Street Address |
H-12, UPSIDC
Industrial Area, Naini, |
||
|
Established Date |
10.01.1997 |
SIC Code |
-- |
|
Telephone# |
91-532-2686082 / 3294125 / 3294126 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-532-2687214 |
Business Style 2 |
Electronic Components Spares and Passive Devices |
|
Homepage |
Product Name 1 |
Patch Cords |
|
|
# of employees |
Not Available |
Product Name 2 |
Pig Tails |
|
Paid up capital |
Rs.11,670,000/- |
Product Name 3 |
FC – PC Connectors in CKD Condition |
|
Shareholders |
Directors or
relatives of Directors -100% |
Banking |
Canara Bank |
|
Public Limited Corp. |
No |
Business Period |
15 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (48) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
59,466,000 |
Current Liabilities |
10,669,000 |
|
Inventories |
23,410,000 |
Long-term Liabilities |
59,373,000 |
|
Fixed Assets |
30,404,000 |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
70,042,000 |
|
Invest& other Assets |
20,000 |
Retained Earnings |
|
|
|
|
Net Worth |
43,258,000 |
|
Total Assets |
113,230,000 |
Total Liab. & Equity |
113,300,000 |
|
Total Assets (Previous Year) |
|
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
92,337,000 |
Net Profit |
901,000 |
|
Sales(Previous yr) |
140,613,000 |
Net Profit(Prev.yr) |
5,782,000 |
|
Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
VEEKAY CONNECTORS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
H-12, UPSIDC Industrial Area, Naini, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.01.1997 |
|
|
|
|
Com. Reg. No.: |
20-021265 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11.670 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29305UP1997PTC021265 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
ALDV00156C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV0585H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Electronic Components Spares and Passive
Devices |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 170000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 / Factory 1 : |
H-12, UPSIDC Industrial Area, Naini, |
|
Tel. No.: |
91-532-2686082 / 3294125 / 3294126 |
|
Fax No.: |
91-532-2687214 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
G-36, UPSIDC Industrial Area, Naini, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Mridul Mittal |
|
Designation : |
Director |
|
Address : |
25/6, |
|
Date of Birth/Age : |
03.09.1950 |
|
Date of Appointment : |
01.10.1997 |
|
DIN No.: |
00783097 |
|
|
|
|
Name : |
Mr. Purnendu Mittal |
|
Designation : |
Director |
|
Address : |
25/6, |
|
Date of Birth/Age : |
21.12.1975 |
|
Date of Appointment : |
10.01.1997 |
|
DIN No.: |
00943867 |
|
|
|
|
Name : |
Mr. Vinod Kumar Mittal |
|
Designation : |
Director |
|
Address : |
25/6, |
|
Date of Birth/Age : |
02.10.1945 |
|
Date of Appointment : |
10.01.1997 |
|
DIN No.: |
00943806 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vinod Kumar Mittal |
|
69200 |
|
Mridul Mittal |
|
16050 |
|
Purnendu Mittal |
|
20550 |
|
Puneeta Natar |
|
8900 |
|
Girish Nayar |
|
2000 |
|
Total |
|
116700 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic Components Spares and Passive Devices |
PRODUCTION STATUS (As On 31.03.2011)
(Quantity
in Number unless other stated)
|
Particulars |
Actual
Production |
|
Patch Cords |
48639 |
|
Pig Tails |
14987 |
|
FC – PC Connectors in CKD Condition |
317627 |
|
Cable Clamp |
250 |
|
Steel Enclosure |
51473.18 |
|
PLC Splitter |
977 |
|
Patch Card SM Duplex / Simple |
52888 |
|
Ribbon Fanout Kit |
9000 |
|
FCPC Adopter |
265255 |
|
Rack ETSI IBS Outdoor |
672 |
|
Cabinet |
364 |
|
Splicing |
2100 |
|
Joint Closure |
30 |
|
Attenuator |
17844 |
|
J Hook |
59 |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh C. Agarwal and Company Chartered Accountants |
|
Address : |
51, Chahchand, 1st Floor, |
|
Tel. No.: |
91-532-2400085 |
|
Fax No.: |
91-532-2440791 |
|
E-Mail : |
|
|
PAN.: |
AACFR9684F |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
116700 |
Equity Shares |
Rs.100/-
each |
Rs.11.670
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.670 |
11.670 |
11.670 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
31.588 |
32.693 |
26.909 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
43.258 |
44.363 |
38.579 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
50.995 |
64.225 |
54.280 |
|
|
2] Unsecured Loans |
8.378 |
7.562 |
6.825 |
|
|
TOTAL BORROWING |
59.373 |
71.787 |
61.105 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.418 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
102.631 |
116.568 |
99.684 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
30.404 |
29.385 |
33.005 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.410
|
12.227 |
8.560 |
|
|
Sundry Debtors |
40.676
|
73.079 |
50.621 |
|
|
Cash & Bank Balances |
3.003
|
2.258 |
2.632 |
|
|
Other Current Assets |
15.787
|
10.964 |
12.360 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
82.876
|
98.528 |
74.173 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.116
|
7.371 |
6.999 |
|
|
Other Current Liabilities |
0.553
|
0.617 |
0.452 |
|
|
Provisions |
0.000
|
3.387 |
0.083 |
|
Total
Current Liabilities |
10.669
|
11.375 |
7.534 |
|
|
Net Current Assets |
72.207
|
87.153 |
66.639 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.020 |
0.030 |
0.040 |
|
|
|
|
|
|
|
|
TOTAL |
102.631 |
116.568 |
99.684 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Turnover |
92.337 |
140.613 |
147.229 |
|
|
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
91.855 |
131.030 |
133.968 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.482 |
9.583 |
13.261 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.419) |
3.801 |
4.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.901 |
5.782 |
8.580 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
28.218 |
56.490 |
29.799 |
|
|
TOTAL IMPORTS |
28.218 |
56.490 |
29.799 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.00 |
50.00 |
74.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.80
|
4.52 |
8.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.22 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.62
|
1.87 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.78
|
8.66 |
9.85 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from
25/6
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29305UP1997PTC021265 |
|
Name of the
company |
VEEKAY CONNECTORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
H-12, UPSIDC Industrial Area, Naini, |
|
This form is for |
Creation of Charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Canara Bank,
Civil Line, |
|
Nature of
instrument creating charge |
1. Agreement Re:
Advance Against Book – debt as prime security 2. Sanction
letter 3. Guarantee
Agreement 4. term Loan
Agreement 5. Common
Hypothecation Agreement 6. Subordination
Agreement 7. Counter
Indemnity 8. letter of
Undertaking re: Loans / Advances |
|
Date of
instrument Creating the charge |
06.03.2009 |
|
Amount secured by
the charge |
Rs.101.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan (Rs.28.500 Millions) - BPLR- 0.5% p.a. presently 12% p.a. OCC (Rs.48.000 Millions) - BPLR- 0.75% p.a. presently
11.75% p.a. Terms of Repayment OCC - payable on demand Loan - payable in 17 quarterly installments of Rs.1.700 Millions each with last installment of Rs.1.300 Millions starting from June 2009. BG- period of guarantee not to exceed 24 months (including claim period). LC - period of LC not to exceed 90 days. Margin OCC(Rs.48.000 Millions) - stock: 25%, book-debts: 50% Term Loan(Rs.28.500 Millions) - Rs.18.527 Millions (42.04%) against project cost of Rs.62.527 Millions LC(Rs.20.000 Millions) -15% BG(Rs.5.000 Millions) -15% Extent and Operation of the charge Prime Security:
WORKING CAPITAL -1. Hypothecation of stock, 2. Hypothecation of book-debts
TERM LOAN - Hypothecation of plant and machinery and other fixed assets
purchased out of term loan. Collateral Security (of the Company): 1. EMT of
factory land and building at Plot no. H-12, UPSIDC, Naini. 2. L&B at Plot
no. G-36 UPSIDC, Naini. 3. Plot no. H-13 UPSIDC, Naini Allahabad. 4.
Hypothecation of entire fixed assets (excluding L and B) of the company
present and future. Others Personal Guarantee given by Mr. Vinod Kumar Mittal, Mrs.
Mridul Mittal, Mr. Purnendu Mittal, Directors of the Company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Prime Security: WORKING CAPITAL -1. Hypothecation of stock, 2. Hypothecation of book-debts TERM LOAN - Hypothecation of plant and machinery and other fixed assets purchased out of term loan. Collateral Security (of the Company): 1. EMT of factory land and building at Plot no. H-12, UPSIDC, Naini. 2. L and B at Plot no. G-36 UPSIDC, Naini. 3. Plot no. H-13 UPSIDC, Naini Allahabad. 4. Hypothecation of entire fixed assets (excluding L and B) of the company present and future. |
FIXED ASSETS
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.