MIRA
INFORM REPORT
|
Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VARROC
ENGINEERING PRIVATE LIMITED (w.e.f. 24.01.2001) |
|
|
|
|
Formerly Known
As : |
VARROC
ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
E-4, MIDC, Waluj,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.05.1988 |
|
|
|
|
Com. Reg. No.: |
11-047335 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.300.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920MH1988PTC047335 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKV01528C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV2420J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Automotive Parts and Equipment. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16210000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track. The company has recorded a
better increase in its sales turnover and profitability during the current year.
Trade relations
are reported as decent. 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 (30.09.2011) |
Current Rating (31.12.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corporate Office/ Factory 1 : |
E-4, MIDC, Waluj,
|
|
Tel. No.: |
91-240-2556227/
2556228/ 2555441/ 2564540/ 6648000 |
|
Fax No.: |
91-240-2564540/
2555987/ 2554487 |
|
E-Mail : |
|
|
Website : |
http://www.varrocgroup.com |
|
Location : |
Owned |
|
|
|
|
Factory 2: |
K-101/102, MIDC Industrial Area, Waluj, |
|
|
|
|
Factory 3: |
B-24/25, MIDC Area, Chakan Taluka Khed, District Pune – 410 501, |
|
|
|
|
Factory 4: |
M-138-141, MIDC Industrial Area, Waluj, |
|
|
|
|
Factory 5: |
L-6/2, MIDC Industrial Area, Waluj, |
|
|
|
|
Factory 6: |
Gut No.390, Takve-BK, Taluka Maval, District Pune – 412 106, |
|
|
|
|
Factory 7: |
L-4, MIDC Industrial Area, Waluj, |
|
|
|
|
Factory 8: |
Plot No.20, Sector 9, Integrated Industrial Estate, Pantnagar,
District Udham Singh Nagar, |
|
|
|
|
Wind Power Projects : |
v
Vankusvade Site, Village Kushi/ Kusawade, Taluka
Patan, District Satara, v
Kovdya Dongar, Village Supa, District Ahmednagar,
v
Village Badabagh, District Jaisalmer, |
DIRECTORS
As on 27.07.2011
|
Name : |
Mr. Naresh
Adishwarlal Chandra |
|
Designation : |
Director |
|
Address : |
Bhagwati Bhavan,
31/B, M.L. Dahanukar Marg, Mumbai – 400 026, |
|
Date of Birth/Age : |
11.02.1935 |
|
Date of Appointment : |
11.05.1988 |
|
DIN No.: |
00027696 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
L45400MH1962PLC012385 |
Hercules
Hoists Limited |
Director |
20-09-72 |
20-09-72 |
- |
Active |
NO |
|
2 |
U28920MH1988PTC047335 |
Varroc
Engineering Private Limited |
Director |
11-05-88 |
11-05-88 |
- |
Active |
NO |
|
3 |
U25209MH1995PTC090037 |
Varroc
Polymers Private Limited |
Director |
28-06-95 |
28-06-95 |
- |
Active |
NO |
|
4 |
U28113MH1995PTC092249 |
Endurance
Systems ( |
Director |
28-08-95 |
28-08-95 |
- |
Amalgamated |
NO |
|
5 |
U34300MH1997PTC105518 |
Durovalves
India Private Limited |
Director |
03-09-97 |
03-09-97 |
- |
Active |
NO |
|
6 |
L24100GJ1983PLC006513 |
GHCL
Limited |
Director |
28-11-97 |
28-11-97 |
03-11-10 |
Active |
NO |
|
7 |
U34102MH1999PTC123296 |
Endurance
Technologies Private Limited (CN) |
Director |
27-12-99 |
27-12-99 |
- |
Active |
NO |
|
8 |
U31506MH2000PTC129904 |
Varroc
Lighting Private Limited |
Director |
06-12-00 |
06-12-00 |
- |
Amalgamated |
NO |
|
9 |
U34300MH2002PTC134738 |
High
Technology Transmission Systems ( |
Director |
29-07-02 |
29-07-02 |
- |
Active |
NO |
|
10 |
U67120MH1982PTC026669 |
Varroc
Trading Private Limited |
Director |
21-11-02 |
21-11-02 |
- |
Active |
NO |
|
11 |
U29100MH2005PTC151756 |
Varroc
Exhaust Systems Private Limited |
Director |
03-03-05 |
03-03-05 |
- |
Active |
NO |
|
12 |
U29190MH2005PTC157474 |
Varroc
Elastomers Private Limited |
Director |
22-11-05 |
22-11-05 |
- |
Active |
NO |
|
Name : |
Mr. Tarang
Nareshchandra Jain |
|
Designation : |
Managing Director |
|
Address : |
Gut No. 41 (P),
Opposite Walmi Kanchanwadi, |
|
Date of Birth/Age : |
21.03.1962 |
|
Qualification : |
B. Com., M.B.A. |
|
Experience : |
27 Years |
|
Date of Appointment : |
11.05.1988 |
|
DIN No.: |
00027505 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U67120MH1982PTC026669 |
Varroc
Trading Private Limited |
Director |
22-11-85 |
22-11-85 |
- |
Active |
NO |
|
2 |
U28920MH1988PTC047335 |
Varroc
Engineering Private Limited |
Managing
director |
11-05-88 |
11-05-88 |
- |
Active |
NO |
|
3 |
U25209MH1995PTC090037 |
Varroc
Polymers Private Limited |
Managing
director |
01-04-07 |
28-06-95 |
- |
Active |
NO |
|
4 |
U34300MH1997PTC105518 |
Durovalves
India Private Limited |
Managing
director |
30-01-97 |
30-01-97 |
- |
Active |
NO |
|
5 |
U31506MH2000PTC129904 |
Varroc
Lighting Private Limited |
Director |
06-12-00 |
06-12-00 |
- |
Amalgamated |
NO |
|
6 |
U29100MH2005PTC151756 |
Varroc
Exhaust Systems Private Limited |
Director |
03-03-05 |
03-03-05 |
- |
Active |
NO |
|
7 |
U29190MH2005PTC157474 |
Varroc
Elastomers Private Limited |
Director |
22-11-05 |
22-11-05 |
- |
Active |
NO |
|
8 |
U34300PN2007PTC131148 |
Plastic
Omnium Varroc Private Limited |
Director |
17-12-07 |
17-12-07 |
- |
Active |
NO |
|
9 |
U70102MH2010PTC208318 |
Rudritara
Properties Private Limited |
Director |
27-09-10 |
27-09-10 |
- |
Active |
NO |
|
10 |
U91120MH2005NPL158483 |
Marathwada
Auto Cluster |
Additional
director |
18-10-11 |
18-10-11 |
- |
Active |
NO |
|
11 |
U31401PN2012PTC142539 |
Varroc
Lighting Systems ( |
Director |
13-03-12 |
13-03-12 |
- |
Active |
NO |
|
Name : |
Mr. Narendra
Kumar Jain |
|
Designation : |
Director |
|
Address : |
Flat No.82B, 8th
Floor, Meher Apartments, |
|
Date of Birth/Age : |
15.08.1939 |
|
Date of Appointment : |
09.09.1992 |
|
DIN No.: |
00027735 |
Other Directorship;
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U99999MH1959PTC011496 |
Aaren
Advertising Private Limited |
Director |
29-10-59 |
29-10-59 |
- |
Active |
NO |
|
2 |
U28920MH1988PTC047335 |
Varroc
Engineering Private Limited |
Director |
09-09-92 |
09-09-92 |
- |
Active |
NO |
|
Name : |
Mr. Gautam Premnath Kahndelwal |
|
Designation : |
Director |
|
Address : |
B 2, Alaknanda, 16-A, |
|
Date of Birth/Age : |
21.09.1956 |
|
Date of Appointment : |
24.03.2011 |
|
DIN No.: |
00270717 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U65990MH1986PTC041183 |
Zeppelin
Investments Private Limited |
Director |
09-10-86 |
09-10-86 |
- |
Active |
NO |
|
2 |
L99999MH1958PLC011001 |
Informed
Technologies India Limited |
Director |
09-03-88 |
09-03-88 |
- |
Active |
NO |
|
3 |
L74899DL1993PLC052177 |
Globus
Spirits Limited |
Director |
16-02-93 |
16-02-93 |
- |
Active |
NO |
|
4 |
U99999MH1993PTC074389 |
Khandelwal
Remedies Private Limited |
Director |
08-10-93 |
08-10-93 |
- |
Active |
NO |
|
5 |
U24239MH1980PTC023041 |
Magnachem
Pharmaceuticals Private Limited |
Director |
28-03-95 |
28-03-95 |
- |
Strike
off |
NO |
|
6 |
L40100MH1996PLC104361 |
|
Whole-time
director |
01-07-09 |
06-12-96 |
- |
Active |
NO |
|
7 |
U72900MH2006PTC163664 |
Krohm
Solutions Private Limited |
Director |
08-08-06 |
08-08-06 |
06-07-11 |
Strike
off |
NO |
|
8 |
U32109MH1960PTC011827 |
The Motwane
Manufacturing Company Private Limited |
Director |
06-09-07 |
06-09-07 |
- |
Active |
NO |
|
9 |
U74999MH1999PTC121254 |
MW
Com ( |
Director |
28-11-07 |
28-11-07 |
25-03-10 |
Active |
NO |
|
10 |
U17299MH2007PTC172611 |
Amigo
Sport Private Limited |
Director |
25-05-10 |
25-05-10 |
- |
Active |
NO |
|
11 |
U25209MH1995PTC090037 |
Varroc
Polymers Private Limited |
Director |
23-07-11 |
24-03-11 |
- |
Active |
NO |
|
12 |
U28920MH1988PTC047335 |
Varroc
Engineering Private Limited |
Director |
23-07-11 |
24-03-11 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kumar Sachdev |
|
Designation : |
AVP – Corp. Legal Affairs and Company Secretary |
|
Address : |
F1, Chanakya Puri, |
|
Date of Birth/Age : |
29.12.1965 |
|
Date of Appointment : |
01.04.2008 |
|
PAN No.: |
ABEPS8631G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.07.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Naresh Chandra |
|
1157100 |
|
Tarang Jain |
|
5147500 |
|
Suman Jain |
|
2030000 |
|
Naresh Chandra
and Suman Jain |
|
435000 |
|
Tarang Jain and
Rochana Jain |
|
814900 |
|
Tarang Jain – HUF
|
|
14500 |
|
Naresh Chandra –
HUF |
|
14500 |
|
Varroc Polymers
Private Limited, |
|
464000 |
|
Total |
|
10077500 |
As on 27.07.2011
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Varroc Polymers
Private Limited, |
|
20000000 |
|
Total |
|
20000000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.07.2011
|
Category |
Percentage |
|
Bodies corporate |
4.60 |
|
Directors or relatives of Directors |
95.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automotive Parts and Equipment. |
||||||||
|
|
|
||||||||
|
Products : |
v
Magnetos v
Coil Plates Assembly v
Rotors v
C.D.I, Regular Rectifiers and Coils v
Rubber Items v
Digital Speedometers v
Starter Motors v
Starter Motor Spares v
Blinkers v
Headlamps and Tall Lamps v
Rear View Mirrors v
Air Filter Elements and Oil Filters v
Hoods and Acrylic Side Sheets v
Forging Components (Gears, Shafts and Flanges) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
U.M. |
Installed
Capacity |
Actual Production |
|
|
Own Mfg. |
Job Work |
|||
|
Plastic Moulding Goods |
M.T. |
7021 |
2832.77 |
-- |
|
Box Packing |
Nos. |
2152800 |
1301676 |
-- |
|
Assembly and Packing |
Nos. |
6000000 |
5272486 |
-- |
|
Automobiles Seat Assembly |
Nos. |
1979120 |
908024 |
-- |
|
Air Filter Assembly |
Nos. |
1925485 |
1079690 |
-- |
|
Fly Wheel Magneto Assembly |
Nos. |
6423500 |
4422546 |
-- |
|
Capacitor Discharge Ignitions |
Nos. |
4205136 |
2742891 |
-- |
|
Regulator Rectifiers |
Nos. |
4025136 |
2949561 |
-- |
|
Starter Motor Assemblies |
Nos. |
1560000 |
1274370 |
-- |
|
Wiper Motor Assemblies |
Nos. |
790000 |
50358 |
-- |
|
Handle Bar Assembly |
Nos. |
1200000 |
849585 |
-- |
|
Switches |
Nos. |
1200000 |
127695 |
-- |
|
Mirror Assembly |
Nos. |
3850971 |
1102301 |
-- |
|
Exhaust Value |
Nos. |
6317149 |
3943792 |
-- |
|
Inlet Valve |
Nos. |
6000000 |
4723527 |
-- |
|
Steel Forged Products |
MT |
21815.58 |
4935.14 |
-- |
|
Crank Pin |
Nos. |
1800000 |
1678012 |
-- |
|
Dash Board Assembly |
Nos. |
100000 |
699501 |
-- |
|
Lamp Assembly |
Nos. |
18415000 |
6614708 |
546 |
|
Wind Power Generation |
Kwh |
18286500 |
10038711 |
-- |
Notes:
a) The Company’s products are exempt form licensing requirements under
new industrial policy in terms of Notification No. S.O. 477 (E) Dated 25th
July, 1991, hence licensed capacity not given.
b) Installed capacity is as certified by the Management and relied upon
by the auditors, this being a technical matter.
c) Production figures exclude production on account of inter-unit
transfers.
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v
Citi Bank, City Group Center, C-61, Bandra Kurla
Complex, Mumbai- 400 051, v
HDFC
Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai
- 400 013, Maharashtra, India v
The
Saraswat Co-Operative Bank Limited, Plot No. X-23, MIDC, Waluj, v
IDBI
Bank Limited, v
Citi
Bank, Parmar House, 2413, v
Corporation
Bank v
Punjab
National Bank v
The
Saraswat Co-Operative Bank Limited, Khadkeshwar, |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: 1. Rupee Term Loans from
Corporation Bank, Punjab National Bank, IDBI Bank Limited and The Saraswat
Cooperative Bank Limited FCNR (B) Loan from HDFC Bank
and ECB from Citi Bank N.A., are secured by (a) pari-passu first charge
by way of hypothecation of movable fixed assets of the Company both present
and future located at Aurangabad, Pune and Uttaranchal plant(s) with the
exception that IDBI Bank Limited does
not have any charge on Movable Fixed Assets of Uttaranchal Plant and (b) Joint Mortgage of
immovable properties of the Company located at 2.Term Loan from Indian
Renewable Energy Development Agency Limited (IREDA) is secured by (a) Equitable Mortgage of
specified immovable properties situated at Kovdya Dongar, Village Supa,
District : Ahmednagar and (b) hypothecation of
specified movables including Plant and Machinery of Wind Power Projects at at
Kovdya Dongar, Village Supa, District: Ahmednagar and further personally
guaranteed by some of the Directors. 3. Working capital facilities availed from Corporation Bank, Punjab National Bank, HDFC Bank, CITI Bank and IDBI Bank Limited are secured by paripa5su charge by way of hypothecation of stocks of Raw Materials, Stock in Process, Finished Goods, Consumable Stores and Spares, Packing Materials and Receivables of the company both present and future situated at Aurangabad, Pune and Uttaranchal Plant (s).
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
“ |
|
PAN No.: |
AAHFP0187A |
|
|
|
|
Subsidiaries: |
v
Durovalves
India Private Limited v
Varroc
Exhaust Systems Private Limited v Varroc European Holding B.V. |
|
|
|
|
Fellow Subsidiaries : |
v
Industria
Meccanica E Stampaggio s.p.zoo, v
Industria
Meccanica E Stampaggio s.p.a., |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000 Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.310.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10077500 |
Equity Shares (During the year, the
Company allotted 9,730,000 equity shares as fully paid up bonus shares by capitalization
of profits transferred from Securities Premium and General Reserve, pursuant
to a shareholders' resolution passed at the Extra Ordinary General Meeting
held on January 24, 2011. The same were' allotted as fully paid-up for consideration other than cash.) |
Rs.10/- each |
Rs.100.800
Millions |
|
20000000 |
Preference Shares (The above Preference
Shares have been issued for consideration other than cash. Redeemable at par in
three equal installments at the end of 5th, 6th and 7th year respectively
from their dates of allotment.) |
Rs.10/- each |
Rs.200.000
Millions |
|
|
Total |
|
Rs.300.800 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 |
300.800 |
203.500 |
303.315 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3751.300 |
3221.200 |
1661.563 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4052.100 |
3424.700 |
1964.878 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1831.100 |
2330.600 |
2313.380 |
|
|
2] Unsecured Loans |
442.100 |
342.400 |
483.497 |
|
|
TOTAL BORROWING |
2273.200 |
2673.000 |
2796.877 |
|
|
DEFERRED TAX LIABILITIES |
240.700 |
204.000 |
212.558 |
|
|
|
|
|
|
|
|
TOTAL |
6566.000 |
6301.700 |
4974.313 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4491.200 |
4026.200 |
2929.532 |
|
|
Capital work-in-progress |
542.600 |
521.200 |
319.408 |
|
|
|
|
|
|
|
|
INVESTMENT |
137.700 |
129.100 |
1431.404 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
922.100
|
738.600 |
682.614
|
|
|
Sundry Debtors |
1452.300
|
857.000 |
321.170
|
|
|
Cash & Bank Balances |
207.800
|
305.600 |
121.311
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
1070.700
|
1278.200 |
575.468
|
|
Total
Current Assets |
3652.900
|
3179.400 |
1700.563 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2090.900
|
1389.700 |
1303.791 |
|
|
Other Current Liabilities |
83.800
|
77.100 |
46.816
|
|
|
Provisions |
83.700
|
87.400 |
55.987
|
|
Total
Current Liabilities |
2258.400
|
1554.200 |
1406.594 |
|
|
Net Current Assets |
1394.500
|
1625.200 |
293.969
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6566.000 |
6301.700 |
4974.313 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
|
Income |
12419.200 |
|
6601.900 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
12419.200 |
8772.700 |
6601.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
5743.500 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
10896.200 |
7490.900 |
5743.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1523.000 |
1281.800 |
858.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
213.300 |
230.400 |
257.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1309.700 |
1051.400 |
600.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
426.800 |
375.300 |
352.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
882.900 |
676.100 |
248.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
225.800 |
179.800 |
87.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
657.100 |
496.300 |
161.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
655.800 |
242.500 |
113.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend on Equity Shares |
12.300 |
8.200 |
7.700 |
|
|
|
Dividend on Preference Shares |
14.000 |
19.300 |
5.200 |
|
|
|
Dividend Tax |
0.100 |
0.000 |
(1.100) |
|
|
|
Transferred to General Reserve |
68.000 |
55.500 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1218.500 |
655.800 |
242.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
640.100 |
572.590 |
308.911 |
|
|
TOTAL EARNINGS |
640.100 |
572.590 |
308.911 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
199.100 |
173.300 |
103.639 |
|
|
|
Raw Material |
932.800 |
594.800 |
422.306 |
|
|
|
Stores & Spares |
9.700 |
2.800 |
2.537 |
|
|
TOTAL IMPORTS |
1141.600 |
770.900 |
528.482 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
63.81 |
1422.19 |
470.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.29
|
5.66 |
2.44
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.84
|
9.38 |
5.36
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.20
|
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.12
|
1.23
|
2.14
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
2.05
|
1.21
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
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 |
Yes |
|
30) Major Shareholders,
if available |
Yes |
PERFORMANCE
Higher demand from domestic
customers could be fully met due to prudent and timely enhancement of the
installed capacities in Electrical and Valves Divisions. The result was an impressive
growth in Net Sales and Other Income by 41.6% to Rs.12420.000 millions from
Rs.8770.000 millions during last year. Though Material cost went up by 3% of
Net Sales, Selling and administration expenses were down by 1% of Net Sales
mainly due to rationalization and austerity measures. Interest cost also came
down by 7.43% to Rs.213.300 millions as against Rs.230.400 millions in the
previous year as a result of repayment of major long term loans. Exports were
moderately higher by 11% at Rs.637.000 millions from Rs.573.000 millions in the
previous year.
Profit after Tax saw a
healthy growth of 32.4% at Rs.657.100 millions as against Rs.496.300 millions
in the previous year. The operating results are in line with budgets.
As stated earlier, the
Company has drawn ambitious plans to expand its activities organically as well
as in-organically. Towards its plans for inorganic growth, the Company is on
the look out for some strategic domestic as well overseas acquisitions/ Joint
Ventures in the fields of components for LMV, LCV, HCVs and related fields.
This will also help the company to acquire new customers and technologies in
short span of time, which otherwise have fairly long gestation period. The
Directors are hopeful of closing certain good deals during the current year.
FUTURE
OUTLOOK
The global industrial
growth appears to be running out of stream, potentially taking the world closer
to slow down once again. Industrial output has decelerated in growth engines
like Europe,
In
Vehicle sales are slowing
down due to combined effect of spiraling fuel prices, hardening interest rates,
credit-scarcity, reduction in financing options and increasing prices of
vehicles necessitated by rising prices of raw materials/inputs. High inflation
is also dampening sentiment.
Margins are already under
pressure and rising cost of input materials will add to the industry's woes
since it will not be possible for vehicle manufacturers to absorb the higher
manufacturing costs. This will also give them less elbow room to offer
discounts.
Car manufacturers are
already complaining of a drop in footfalls at showrooms. Car sales grew 7% in
May, the slowest pace in two years, threatening to slip even further in the
coming months. Analysts have said that the numbers will stay depressed in the
ensuing months due to the combined build up of negatives and that the only
comforting factor for the industry is that these months are traditionally weak
months.
Demand which rocked at 30%
last fiscal has been waning and is expected in present fiscal to be less than
half of last fiscal.
EUROPEAN
OPERATIONS
As reported last year, worldwide
recession in 2009 which affected virtually the whole world, had also impacted
Their European operations. To cope up with the falling revenues, Company's Step
down subsidiary IMES, SpA
NEW
ACQUISITION IN
In order to cope with the
demand from it’s forging customers in
With this acquisition,
Their European operations will be able to fulfill the increasing demand from
existing customers and will also increase the top line with addition of new
customers.
Contingent Liabilities not
provided for in respect of
|
Particulars |
31.03.2011 (Rs. in Millions) |
31.03.2010 (Rs. in Millions) |
|
Disputed Excise and Service Tax matters |
2.400 |
2.700 |
|
Corporate Guarantees |
191.100 |
182.600 |
|
Guarantees given in respect of loans taken by
subsidiaries |
50.000 |
30.000 |
|
Income Tax matters |
23.300 |
23.300 |
|
Sales Tax matters |
3.100 |
25.400 |
|
Others |
11.500 |
3.000 |
|
TOTAL |
281.400 |
267.000 |
Notes
v
The
Company has imported certain machinery under the Export Promotion Capital Goods
(EPCG) Scheme and accordingly, has an export obligation of USD 44.500 millions
(Previous Year USD 17.500 millions).
v
Bank
Guarantees outstanding Rs.12.200 millions (Previous Year 14.100 millions )
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U28920MH1988PTC047335 |
|
Name of the
company |
VARROC
ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-4, MIDC, Waluj,
|
|
This form is for |
Creation of
Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
The Saraswat
Co-Operative Bank Limited, Plot No. X-23, MIDC, Waluj, |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Movable Property (For L/C on D/A basis) |
|
Date of
instrument Creating the charge |
06.12.2010 |
|
Amount secured by
the charge |
Rs. 226.800
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per Bank Rules Terms of
Repayment As per Bank Rules Margin Margin: 5% Extent and
Operation of the charge The borrower do
herby hypothecate to and in favour of the Bank on exclusive charge basis all
the machineries to be imported/ procured under L/C and lying and being at
Borrower’s place of business at M-191/3, MIDC, Waluj, Aurangabad |
|
Short particulars
of the property charged |
The borrower do
herby hypothecate to and in favour of the Bank on exclusive charge basis all
the machineries to be imported/ procured under L/C and lying and being at
Borrower’s place of business at M-191/3, MIDC, Waluj, Aurangabad |
FIXED ASSETS:
Tangible Assets
v Lease hold land
v Freehold land
v
v
v Plant and Machinery
v Factory Equipment
v Electrical Installation
v Computer
v Mould and Dies
v Vehicles
v Office Equipment
v Furniture Fixtures
v
Tools and Instruments
Intangible Assets
v
Software
v
Technical Knowhow
v
Corporate Logo
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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.