|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
VWF INDUSTRIES PRIVATE LIMITED (w.e.f.26.06.1995) |
|
|
|
|
Formerly Known
As : |
VIJAY WIRES AND FILMENTS PRIVTE LIMITED |
|
|
|
|
Registered
Office : |
No. 90, K. R. Sagar Road, Metagalli, Mysore – 570016, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
09.05.1978 |
|
|
|
|
Com. Reg. No.: |
08 - 003314 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 6.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U13200KA1978PTC003314 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRV03606B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV7037R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier to the Lighting, Electronic and
Wire Drawing Industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 140000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct can as be commitment. The company can be considered for normal business dealings at usual
trade terms and condition |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
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.
LOCATIONS
|
Registered Office : |
No. 90, K. R. Sagar Road, Metagalli, Mysore – 570016, Karnataka, India |
|
Tel. No.: |
91-22-8212582459 / 91-821-2582247 |
|
Fax No.: |
91-22-8212582427 / 91-821-2582427 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.07.2011
|
Mr.
Raghunath Brahmavar Pai |
|
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
“Konark”, No. 427, Gokulam 3rd Stage, Mysore – 570 002,
Karnataka, India |
|
Date of Birth/Age : |
13.10.1939 |
|
Date of Appointment : |
09.05.1979 |
|
DIN No.: |
00291776 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the Director/ Designated Partner |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U13200KA1978PTC003314 |
VWF INDUSTRIES PRIVATE LIMITED |
Managing director |
01/04/2005 |
09/05/1979 |
- |
Active |
NO |
|
2 |
U85110KA1986PLC007580 |
TRANSCREDIT AND CAPITAL LIMITED. |
Director |
24/04/1986 |
24/04/1986 |
- |
Active |
NO |
|
3 |
U85110KA1994PTC015431 |
LITETRONICS VIJAY(INDIA)PRIVATE LIMITED |
Director |
29/03/1994 |
29/03/1994 |
- |
Active |
NO |
|
4 |
U32309KA1994PTC015605 |
VIJAY LITETRONICS COMPONENTS PRIVATE LIMITED |
Director |
11/02/2000 |
11/02/2000 |
- |
Active |
NO |
|
5 |
U85110KA1994PTC016175 |
VIJAY PRECISON DIES PRIVATE LIMITED |
Director |
25/09/2006 |
25/09/2006 |
- |
Active |
NO |
|
Name : |
Mr. Raghunath Ajith Pai |
|
Designation : |
Managing Director |
|
Address : |
“Konark”, No. 427, Gokulam 3rd Stage, Mysore – 570 002, Karnataka,
India |
|
Date of Birth/Age : |
14.08.1966 |
|
Date of Appointment : |
20.03.1990 |
|
DIN No.: |
00279375 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the Director/ Designated Partner |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U85110KA1983PTC005327 |
UNIQUE WIRES PRIVATE LIMITED |
Director |
01/06/1989 |
01/06/1989 |
- |
Active |
NO |
|
2 |
U13200KA1978PTC003314 |
VWF INDUSTRIES PRIVATE LIMITED |
Managing director |
20/03/1990 |
20/03/1990 |
- |
Active |
NO |
|
3 |
U32309KA1994PTC015605 |
VIJAY LITETRONICS COMPONENTS PRIVATE LIMITED |
Director |
23/05/1994 |
23/05/1994 |
- |
Active |
NO |
|
4 |
U29220KA1974PTC002521 |
WOODBORE PRIVATE LIMITED |
Director |
18/06/1994 |
18/06/1994 |
- |
Amalgamated |
NO |
|
5 |
U85110KA1994PTC016175 |
VIJAY PRECISON DIES PRIVATE LIMITED |
Director |
02/09/1994 |
02/09/1994 |
- |
Active |
NO |
|
6 |
U51101KA1966PTC001638 |
LINAS ENGG ENTERPRISES PRIVATE LIMITED |
Director |
09/03/1996 |
09/03/1996 |
- |
Amalgamated |
NO |
|
7 |
U85110KA1994PTC015431 |
LITETRONICS VIJAY(INDIA)PRIVATE LIMITED |
Director |
07/02/2003 |
07/02/2003 |
- |
Active |
NO |
|
8 |
U40107GJ1994PTC072015 |
NETPRO RENEWABLE ENERGY(INDIA)PRIVATE LIMITED. |
Director |
10/11/2007 |
10/11/2007 |
20/10/2008 |
Active |
NO |
|
Name : |
Mr. Rajesh Thonse Pai |
|
Designation : |
Director |
|
Address : |
No.23, Anantha Nagar, Manipal, Udipi – 576119, Karnataka, India |
|
Date of Birth/Age : |
05.03.1963 |
|
Date of Appointment : |
27.03.1993 |
|
DIN No.: |
00289708 |
|
|
|
|
Name : |
Mr. N. S. Murthy |
|
Designation : |
Director |
|
Address : |
120, 20th Main Road, 12B, Cross, J. P. Nagar, Bangalore –
560078, Karnataka, India |
|
Date of Birth/Age : |
29.03.1951 |
|
Date of Appointment : |
22.06.1990 |
|
|
|
|
Name : |
Mr. R. N. Chawhan |
|
Designation : |
Director |
|
Address : |
No. 453, 6th Phase, J. P. Nagar, Bangalore – 560078,
Karnataka, India |
|
Date of Birth/Age : |
10.08.1948 |
|
Date of Appointment : |
29.02.1992 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.07.2011
|
Names of Shareholders |
No. of Shares |
|
Ajith R Pai |
35000 |
|
Alaka R Pai |
13200 |
|
Alok Gupta |
2000 |
|
Gopalakrishna Pai |
10000 |
|
Raghunath B Pai |
80000 |
|
Rajaram V Balig |
9240 |
|
Rajendra B Pai |
2000 |
|
Ramanath P Pai |
49788 |
|
Shobha R Pai |
50000 |
|
Surekha Kamath |
85000 |
|
Ananth V Prabhu |
6000 |
|
Rajesh T Pai |
2000 |
|
Trust Rajahee |
43000 |
|
Murthy S N |
2000 |
|
Jayaprakash J Kamath |
15000 |
|
Rhea R Pai |
4670 |
|
Pratibha A Pai |
5432 |
|
HUF Raghunath Pai |
96300 |
|
Nikhil A Pai |
8670 |
|
Sandhya J Kamath |
2020 |
|
Olga B Pai |
58400 |
|
HUF Ajith Pai |
3000 |
|
Nihal A Pai |
5040 |
|
Dinesh V Baliga Prathima D Baliga Ashwin Baliga |
9240 |
|
Vinod B Shenoy Meera B Shenoy |
3000 |
|
TOTAL
|
600000 |
AS ON 30.07.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
43.00 |
|
Directors or relatives of Directors |
51.00 |
|
Other top fifty shareholders |
6.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier to the Lighting, Electronic and Wire
Drawing Industry. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tungsten Filaments |
In |
210 |
210 |
363.34 |
|
Tungsten Wire |
Million |
240 |
240 |
63.26 |
|
Molybdenum Wire |
Nos |
12000* |
12000 |
17.76 |
* Denotes figures in kgs
GENERAL INFORMATION
|
Customers : |
·
Anchor Electronics and Electricals Limited ·
Bright Industries ·
Crompton Greaves Limited. ·
Electric Lamp Manufacturers India Limited. ·
Flex Industries Limited ·
GE Lighting (India) Limited. ·
Hind Lamps Limited ·
K.R. Electricals Private. Limited. ·
Kalpana Lamps and Components Limited ·
Kapila Lamps Private. Limited. ·
Kasa Luminaries ·
Litex Electricals Private. Limited. ·
Mishra Dhatu Nigam Limited ·
Optima Lamps Private. Limited. ·
Osram India Private. Limited. ·
Patodia Glass Industries Limited. ·
Philips India Limited. ·
Phoenix Lamps India Limited. ·
Prakash Industries ·
Punjab Anand Lamps Industries Limited. ·
Samtel Electron Devices ·
Satellite Engineering Limited. ·
Sun Lamp Industries ·
Surya Roshni Limited. ·
The Geetanjali Lamps Private. Limited. ·
The Mysore Lamps Works Limited. ·
Winson Lamps · Wipro Lighting |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Hariaharan and Company Chartered Accountant |
|
Address : |
No. 4581, “Gomathi”, N. R. Mohalla, Mysore – 570008, Karnataka, India |
|
PAN No.: |
AAAFH7690H |
|
|
|
|
Related Party |
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
100000 |
Preference Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
TOTAL |
|
Rs. 40.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000
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 |
6.000 |
6.000 |
6.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
29.021 |
25.656 |
21.951 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
35.021 |
31.656 |
27.951 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
28.699 |
15.729 |
20.311 |
|
|
2] Unsecured Loans |
12.005 |
10.725 |
13.520 |
|
|
TOTAL BORROWING |
40.704 |
26.454 |
33.831 |
|
|
DEFERRED TAX LIABILITIES |
3.149 |
3.154 |
3.416 |
|
|
|
|
|
|
|
|
TOTAL |
78.874 |
61.264 |
65.198 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19.890 |
20.545 |
21.827 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.320 |
5.321 |
5.323 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.604
|
33.094 |
27.412 |
|
|
Sundry Debtors |
54.748
|
35.924 |
38.160 |
|
|
Cash & Bank Balances |
5.143
|
0.896 |
0.723 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.572
|
7.611 |
6.351 |
|
Total
Current Assets |
92.067
|
77.525 |
72.646 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.850
|
22.346 |
16.299 |
|
|
Other Current Liabilities |
11.820
|
16.040 |
16.592 |
|
|
Provisions |
7.033
|
3.741 |
1.707 |
|
Total
Current Liabilities |
37.703
|
42.127 |
34.598 |
|
|
Net Current Assets |
54.364
|
35.398 |
38.048 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
78.874 |
61.264 |
65.198 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
207.141 |
178.597 |
152.754 |
|
|
|
Other Income |
9.787 |
6.846 |
2.911 |
|
|
|
TOTAL (A) |
216.928 |
185.443 |
155.665 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
102.063 |
83.016 |
82.434 |
|
|
|
Manufacturing and Other Expenses |
102.244 |
87.523 |
68.411 |
|
|
|
Increase and Decrease in Stock of Finished Good |
(0.454) |
2.727 |
(0.229) |
|
|
|
TOTAL (B) |
203.853 |
173.266 |
150.616 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.075 |
12.177 |
5.049 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.051 |
2.612 |
3.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.024 |
9.565 |
1.371 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.673 |
2.536 |
2.558 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
7.351 |
7.029 |
(1.187) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.900 |
1.500 |
0.235 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
5.451 |
5.529 |
(1.422) |
|
|
|
|
|
|
|
|
|
Add |
Surplus as per
last Balance Sheet |
|
|
|
|
|
|
Transfer from deferred tax |
1.705 |
0.000 |
0.087 |
|
|
|
Transfer from General reserve |
0.005 |
0.262 |
3.103 |
|
|
|
|
1.710 |
0.262 |
3.190 |
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend @ 20% |
0.000 |
1.200 |
0.000 |
|
|
|
Equity Shares – 10% (P.Y. – NIL %) |
1.800 |
0.600 |
0.000 |
|
|
|
Corporate Dividend Tax |
0.292 |
0.285 |
0.000 |
|
|
|
Transfer to General Reserve |
2.005 |
2.262 |
0.000 |
|
|
|
Transfer to Investment Deprn Reserve |
0.000 |
0.000 |
1.768 |
|
|
BALANCE CARRIED
TO THE B/S |
3.070 |
1.705 |
1.422 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (FOB) |
139.369 |
114.825 |
94.486 |
|
|
|
Freight and Insurance |
2.713 |
3.396 |
2.513 |
|
|
|
Merchant Export of Goods (FOB) |
0.258 |
1.334 |
1.154 |
|
|
|
Freight and Insurance |
0.075 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
142.415 |
119.555 |
98.153 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
101.027 |
86.342 |
82.236 |
|
|
|
Stores & Spares |
0.726 |
0.391 |
2.399 |
|
|
TOTAL IMPORTS |
101.753 |
86.733 |
84.635 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-Basic |
9.09 |
9.21 |
(2.37) |
|
|
|
-Diluted |
9.09 |
9.21 |
(2.37) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.51
|
2.98 |
(0.91) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.55
|
3.94 |
(0.78) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
63.27
|
6.80 |
(1.19) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.22 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.08
|
1.33 |
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.44
|
1.84 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
Prospects for
2011-12
The Incandescent
Lamp production across the globe is not growing on account of the green
revolution with the
Energy Efficient Lamps.
LED is a recent innovation to this revolution. Countries in Europe and the USA
have enacted laws prohibiting the manufacture and sale of low efficiency
Incandescent lamps (above 60watt in some countries and 100 watt in many
countries). However a loss of Incandescent lamp sale in these countries has not
diminished the
demand for their filaments considering the fact that they have been able to
maintain a consistent quality and and that many under developed countries
continue to use incandescent lamps at an increasing rate.
They have
benefited from this development, as manufacture of filaments in Europe is
coming down and to some
Extent they are
able to take that share. Their efforts in becoming a global supplier for
lighting companies are getting
Consolidated and
they expect the current year also will have a growth of minimum 10%.
They have entered
into a technical partnership with Nippon Tungsten, Japan for supplying high
quality drawn tungsten wires. For over 25 years now they have had a strong
business relationship with Nippon Tungsten, Japan
and have been
buying their raw material, thick tungsten wires from them. Late last year, they
approached us with
an intention to
shift some of their fine wire customers to us. Their customers for fine wires
were demanding lower
prices, which
their Japanese production facilities could not afford and this prompted Nippon
Tungsten to think of
Shifting some of
their fine wire customers to India. Over the last year many teams from Nippon
Tungsten have spent a lot of time with us to understand and establish
production and quality practices here with us. Of course
the understanding
being that they will continue to use their raw materials to manufacture the
fine wires. This project has now entered the commercial phase with regular
supplies of finished product being exported to Nippon
Tungsten.
Subsidiary
Companies:
1) The scheme of
amalgamation: A complete scheme of amalgamation u/s.391 to 394 of Companies
Act, 1956, between VWF Industries Privte.Limited., M/s.Vijay Lamps and
Lightings (PRIVTE) Limited., and Linas Engineering Enterprises (PRIVTE)
Limited., has been sanctioned by Hon’ble High Court of Karnataka w.e.f.
01.04.2003.
According to the scheme of amalgamation:
i)
The entire business and undertaking of transferor companies
including all assets and liabilities as a going concern, stand transferred to
and vested in the VWF Industries Private. Limited, w.e.f. 01.04.2003.
ii)
The transferor companies stand dissolved without
being wound up. Consequently Vijay Lamps and Lightings Private. Limited, and
Linas Engineering Enterprises Private. Limited, ceases to be subsidiaries of
the company.
iii)
The transferor companies were initially engaged in
the business of manufacture of bulbs and filaments which was later discontinued
due to financial constraints.
iv)
Pursuant to the scheme, the bank accounts,
deposits, agreements, licenses are in the process of being transferred in the
name of the company.
However, the order
for merging the immovable fixed assets of transferor companies with VWF
Industries (PRIVTE) Limited. Is awaited for fixing the stamp duty, from High
Court of Karnataka.
2) Accounting for
amalgamation:
The amalgamation
of transferor companies with VWF Industries Private. Limited, on the basis of
purchase method as envisaged in AS-14 on accounting for amalgamation issued by
Institute of Chartered Accountants of India and in terms of the scheme as
below:
a) All assets and
liabilities of transferor companies at their respective fair values.
b) The instruments
held by the company, in the transferor company stand cancelled and adjusted
with goodwill account of the company.
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 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 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
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.