MIRA INFORM REPORT
|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
VIRGO VALVES AND CONTROLS LIMITED |
|
|
|
|
Registered
Office : |
7B, 3rd Floor, Sambhava Chambers, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-146916 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120MH2004PLC146916 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV11688F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV8733H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Industrial Valves and Accessories. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 9400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Virgo Engineers Limited. It is a well established
and reputed company having a good track record. The latest financials are not
made available with the government department. As per previous year’s record, the company’s financial performance
seems good. Fundamental of the company appears healthy and strong. Creditworthiness of the company is good. There appears slight dip in sales turnover profitability in the year
2010-2011. However, general financial position of the company is good. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitments. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit = AA- |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation it carry low credit risk |
|
Date |
September 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Sandeep |
|
Designation : |
Accounts |
|
Date : |
21.12.2012 |
LOCATIONS
|
Registered Office : |
7B, 3rd Floor, Sambhava Chambers, |
|
Tel. No.: |
91-22-32150281 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
277, Hinjewadi Phase II, Maan (Mulshi), Pune - 411 057, |
|
Tel. No.: |
91-20-66744000 |
|
Fax No.: |
91-20-66744021 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
Locate At
|
DIRECTORS
As on 27.08.2012
|
Name : |
Mr. Mahesh Shivanand Desai |
|
Designation : |
Director |
|
Address : |
2, Cypress Valley Court, Sugar Land, TX, 774479, United States of
America |
|
Date of Birth/Age : |
16.09.1956 |
|
Date of Appointment : |
20.03.2006 |
|
DIN No.: |
00335134 |
|
|
|
|
Name : |
Mr. Jagdish Shivanand Desai |
|
Designation : |
Director |
|
Address : |
F/2, Shanti Co-Operative Housing Society, |
|
Date of Birth/Age : |
21.01.1959 |
|
Date of Appointment : |
29.07.2005 |
|
DIN No.: |
00335436 |
|
|
|
|
Name : |
Mr. Balasubramanian Vaidyanath Sathanur |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
505, Ganga Estate Chembur, |
|
Date of Birth/Age : |
12.09.1945 |
|
Date of Appointment : |
11.06.2004 |
|
DIN No.: |
00335644 |
|
|
|
|
Name : |
Mr. Paresh Jaisinh Rajda |
|
Designation : |
Director |
|
Address : |
F-6/1, Gera Emerals City, Pancard Club Road, Baner, Pune – 411045,
Maharashtra, India |
|
Date of Birth/Age : |
18.01.1957 |
|
Date of Appointment : |
29.04.2011 |
|
DIN No.: |
00680340 |
|
|
|
|
Name : |
Mr. Jayaraman Rangashaye Vellore |
|
Designation : |
Director |
|
Address : |
Flat No.11, 6th
Floor, Exclusive 14, Pallod Farms, Phase III, |
|
Date of Birth/Age : |
22.06.1951 |
|
Date of Appointment : |
11.06.2004 |
|
DIN No.: |
00972096 |
|
|
|
|
Name : |
Mr. Kishore Anant Kulkarni |
|
Designation : |
Director |
|
Address : |
34, ICICI Apartments, Spring Mills Compo, Naigaum, Dadar – 400 014, |
|
Date of Birth/Age : |
06.07.1954 |
|
Date of Appointment : |
17.09.2007 |
|
DIN No.: |
01572451 |
KEY EXECUTIVES
|
Name : |
Ms. Smita Vijay Nakil |
|
Designation : |
Secretary |
|
Address : |
F. No.31, Ganesh Chambers, Urmila Society, Gulab Nagar, Dhankawadi,
Pune – 411043, Maharashtra, India |
|
Date of Birth/Age : |
11.07.1986 |
|
Date of Appointment : |
06.02.2012 |
|
PAN No. : |
AIBPN0420E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Virgo Engineers Limited, |
|
99994 |
|
V. Balasubramanian (Nominee of Virgo Engineers Limited, |
|
1 |
|
Jagdish Desai (Nominee of Virgo Engineers Limited, |
|
1 |
|
D.K. Vatsayan ((Nominee of Virgo Engineers Limited, |
|
1 |
|
Sandeep Sawant (Nominee of Virgo Engineers Limited, |
|
1 |
|
Prakash Kokane ((Nominee of Virgo Engineers Limited, |
|
1 |
|
Durgesh Devnally (Nominee of Virgo Engineers Limited, |
|
1 |
|
Total |
|
100000 |
As on 27.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial Valves and Accessories. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Actual
Production |
|
Valves |
Nos. |
41200 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboli and Associates Chartered Accountants |
|
Address : |
C-401, Fourth Floor, |
|
PAN.: |
AABFS3421N |
|
|
|
|
Holding Company : |
Virgo Engineers Limited |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Fellow Subsidiary : |
EVS Valves Inc , USA |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
100000 |
Preference Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2346.987 |
2130.450 |
1700.884 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2356.987 |
2140.450 |
1710.884 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
385.392 |
234.441 |
197.057 |
|
|
2] Unsecured Loans |
0.000 |
3.300 |
0.000 |
|
|
TOTAL BORROWING |
385.392 |
237.741 |
197.057 |
|
|
DEFERRED TAX LIABILITIES |
9.049 |
3.349 |
3.253 |
|
|
|
|
|
|
|
|
TOTAL |
2751.428 |
2381.154 |
1911.194 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
264.942 |
177.119 |
174.150 |
|
|
Capital work-in-progress |
119.208 |
21.131 |
2.093 |
|
|
|
|
|
|
|
|
INVESTMENT |
817.216 |
832.434 |
481.096 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1016.954
|
480.127
|
523.376
|
|
|
Sundry Debtors |
1184.753
|
917.239
|
1020.562
|
|
|
Cash & Bank Balances |
55.093
|
74.959
|
88.233
|
|
|
Other Current Assets |
25.613
|
47.026
|
46.476
|
|
|
Loans & Advances |
631.541
|
460.787
|
351.581
|
|
Total
Current Assets |
2913.954
|
1980.138
|
2030.228
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
553.381
|
403.476
|
504.675
|
|
|
Other Current Liabilities |
716.388
|
144.907
|
200.975
|
|
|
Provisions |
94.123
|
80.899
|
70.723
|
|
Total
Current Liabilities |
1363.892
|
629.282
|
776.373
|
|
|
Net Current Assets |
1550.062
|
1350.856
|
1253.855
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2751.428 |
2381.154 |
1911.194 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
2216.121 |
|
|
|
Other Income |
|
|
25.579 |
|
|
|
TOTAL (A) |
|
|
2241.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
|
|
1408.869 |
|
|
|
Manufacturing service costs |
|
|
137.777 |
|
|
|
Employee related expenses |
|
|
141.502 |
|
|
|
Administrative selling other expenses |
|
|
97.686 |
|
|
|
TOTAL (B) |
|
|
1785.834 |
|
|
|
|
|
1785.834 |
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
455.866 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
46.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
409.721 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
29.913 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
379.808 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
16.209 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
363.599 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
1878.450 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final dividend on equity shares |
|
|
74.000 |
|
|
|
Interim dividend on equity shares |
|
|
53.000 |
|
|
|
Tax on dividend |
|
|
20.807 |
|
|
|
Transfer to General Reserve |
|
|
36.360 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
2057.882 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
2194.794 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
|
|
937.215 |
|
|
|
Capital assets |
|
|
1.156 |
|
|
TOTAL IMPORTS |
|
|
938.371 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
3636.00 |
|
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
2383.638 |
2720.187 |
|
|
|
Other Income |
|
34.196 |
16.900 |
|
|
|
TOTAL (A) |
|
2417.834 |
2737.087 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed (including job work) |
|
1058.158 |
1367.366 |
|
|
|
Purchase of traded goods |
|
290.123 |
150.467 |
|
|
|
Increase/Decrease in Inventories |
|
60.250 |
(45.418) |
|
|
|
Employees remuneration and benefits |
|
116.555 |
104.283 |
|
|
|
Operating and other expenses |
|
247.732 |
355.873 |
|
|
|
TOTAL (B) |
|
1772.818 |
1932.571 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
645.016 |
804.516 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
42.133 |
53.462 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
602.883 |
751.054 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
23.991 |
20.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
578.892 |
730.584 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
13.506 |
8.263 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
565.386 |
722.321 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
1505.884 |
991.087 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final dividend on equity shares |
|
63.500 |
11.500 |
|
|
|
Interim dividend on equity shares |
|
52.800 |
97.500 |
|
|
|
Tax on dividend |
|
19.520 |
18.524 |
|
|
|
Transfer to General Reserve |
|
57.000 |
80.000 |
|
|
BALANCE CARRIED TO
THE B/S |
|
1878.450 |
1505.884 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
|
2037.295 |
2429.824 |
|
|
|
Sales of foreign branch |
|
74.688 |
175.511 |
|
|
|
Interest Received |
|
4.058 |
6.438 |
|
|
|
Miscellaneous income |
|
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
|
2116.041 |
2611.773 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
|
541.201 |
746.960 |
|
|
|
Capital assets |
|
5.065 |
13.504 |
|
|
TOTAL IMPORTS |
|
546.266 |
760.464 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
5653.86 |
7223.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.22
|
23.72
|
26.39
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.14
|
24.29
|
26.86
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.95
|
27.05
|
33.14
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.27
|
0.43
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.74
|
0.41
|
0.57
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.14
|
3.15
|
2.62
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
Rs. In Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
for goods and expenses |
|
|
|
|
Dues to Micro,
small and medium enterprises |
24.349 |
19.546 |
7.938 |
|
Dues to
subsidiaries |
|
138.693 |
120.436 |
|
Dues to others |
|
145.237 |
376.301 |
|
Total |
553.381 |
303.476 |
504.675 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The registered office of the company has been shifted from 1001, 10th
Floor, Krishna Govind Towers, Sector 24, Vashi, Navi Mumbai – 400705,
Maharashtra to the present address w.e.f. 10.01.2009.
THE YEAR IN
RETROSPECT:
In the year the Companys total revenue stood at Rs. 2241.700 Millions as against Rs. 2417.834 Millions in the previous year. Profit after Tax stood at Rs. 363.599 Millions in FY 2010-2011 as against Rs. 565.386 Millions in FY 2009-2010. The drop in the total revenues and PAT was mainly on account of decrease in sales and increase in operating expenses and employee cost.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29120MH2004PLC146916 |
|
Name of the
company |
VIRGO VALVES AND
CONTROLS LIMITED |
|
Address of the
registered office or of the principal place of business in |
7B, 3rd Floor, Sambhava Chambers, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90148904 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch, Tara Chambers 2nd Floor, Near Mariaaipolice Chowky, Old Pune Mumbai Highway, Wakdewadi, Pune - 411003, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Agreement
of Hypothecation of Goods and Assets for increase in the Overall Limit,
Supplementry Agreement of Loan for increase in the Overall Limit, Letter
regarding the Grant of individual limit within the Overall Limit and
Supplementary Deed of Guarantee for increase in Overall Limit All these
documents executed to create charge against all the present and future
current assets of the company along with other lenders. |
|
Date of
instrument Creating the charge |
24.07.2012 |
|
Amount secured by
the charge |
Rs.2490.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For
DCC:@1.50%above Base Rate. Effective Rate:11.50%p.a.with monthly rests. For
EPC/PCFC AND EBD/EBR LIMITS: As per RBI directives /Bank's policies from time
to time. Penal interest on default. Terms of Repayment DCC: On Demand.
For other facilities as per sanction letter duly acknowledged by the Company. Margin Stock in all its elements:
25% Book Debts:25% Spares and Consumable stores:25%. Extent and Operation of the charge SBI IFB Pune will
have First pari Passu charge on the entire current assets inclusive of
stocks, receivables and other current assets of the Company sharing with HSBC
and DBS Bank. The Company has extended the Collateral Security by First pari
passu charge on entire fixed assets of the company at Pune(excluding
leasehold land.) sharing with HSBC and DBS Bank and 2nd pari passu charge
over entire fixed assets of the Company at Chennai sharing with HSBC and DBS
Bank. Corporate Guarantee of Virgo Engineers Limited. Others The Company,
through Board Resolution dated 06/07/2012,has given assent to all the Terms
and Conditions, Covenants, as provided in the Bank's Sanction Letter No.
AGM/RM/JVV/2011/154 Date.23.07.2012
and have executed the related loan document(s) / Agreement(s) through
the Director(s), who have received and signed the documents in physical form
and have authorized one of the Directors, to file eform-8 for the
modifications in the existing limits and in the nature and scope of the
charge on agreed terms. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Primary: First pari passu charge on entire stocks receivables and other current assets of the company located and denoted by the Company time to time including at Works and at Registered Office. Collateral Security: First pari passu charge on entire fixed assets of the company at Pune (excluding leasehold land) and 2nd pari passu charge over entire fixed assets (movables and immovables) located at Chennai sharing along with HSBC and DBS Bank. |
|
Particulars of
the present modification |
By this present modification, the existing limit of Rs.1700.000 Millions has been enhanced to Rs.2490.000 Millions. |
FIXED ASSETS:
- Leasehold Improvements
- Furniture and Fixtures
- Plant and Machinery
- Dies and Patterns
- Jigs and Fixtures
- Electrical Installations
- Computers
- Office Equipments
- Vehicle
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 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 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.55.09 |
|
|
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
69 |
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.