MIRA
INFORM REPORT
|
Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
VALEO INDIA PRIVATE LIMITED (w.e.f. 12.11.2010) |
|
|
|
|
Formerly Known
As : |
VALEO ENGINEERING CENTER (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Block A, 4th Floor, Tecci Park, No. 285 Rajiv Gandhi Salai (OMR Road), Sholinganallur, Chennai - 600119, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.12.2005 |
|
|
|
|
Com. Reg. No.: |
18-081914 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 689.247Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29130TN2005PTC081914 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC11087G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV1939N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Alternators and Starter Motors. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record. Management has failed to file the latest financials of 2013, with the government
department. As per available record the management has reported huge
accumulated losses during 2013, due to which the netwirth of the company has
been deteriorated. However, trade relations are fair. Business is active. Payments terms
are reported as slow but correct. In view of strong financial support from the group, the subject can be
considered for business dealings with some caution. |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-44-66235000)
LOCATIONS
|
Registered Office : |
Block A, 4th Floor, Tecci Park, No. 285 Rajiv
Gandhi Salai (OMR Road), Sholinganallur, Chennai - 600119, Tamilnadu, India |
|
Tel. No.: |
91-44-22505000 / 66715500 / 66235000 |
|
Fax No.: |
91-44-22505011 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Dhamodharan Raju |
|
Designation : |
Managing director |
|
Address : |
100, J Gardens Panaiyur, Chennai – 600119, Tamilnadu, India |
|
Date of Birth/Age : |
19.05.1970 |
|
Qualification : |
B.E, M.B.A |
|
Experience : |
21 Years |
|
Date of Appointment : |
23.09.2009 |
|
DIN No.: |
02401889 |
|
|
|
|
Name : |
Mr. Fabrice Leopold Garmy |
|
Designation : |
Director |
|
Address : |
15, Sparking Sand Avenue Sholinqanallur. Chennai – 600119, Tamilnadu,
India |
|
Date of Birth/Age : |
18.02.1970 |
|
Date of Appointment : |
30.12.2011 |
|
DIN No.: |
03388381 |
|
|
|
|
Name : |
Mr. Claude Paul Marie Gislain Leichle |
|
Designation : |
Director |
|
Address : |
04. Rue De L" Ariego. Roquettes, 31120, France |
|
Date of Birth/Age : |
13.12.1948 |
|
Date of Appointment : |
30.12.2011 |
|
DIN No.: |
02294104 |
KEY EXECUTIVES
|
Name : |
Mrs. S Meenakshi Sundaram |
|
Designation : |
Secretary |
|
Address : |
No.4.11 Main Road. Nggo Nagar, Tirjsinravur. R.S., Chennai
– 602024, Tamilnadu, India |
|
Date of Birth/Age : |
20.06.1971 |
|
Date of Appointment : |
18.09.2009 |
|
Pan No.: |
AISPS5179E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Valeo Bayen S.A.S., France |
|
118504420 |
|
Valeo finance S.A.S., France |
|
402600 |
|
Equipment 11, France |
|
17705 |
|
Total |
|
118924725 |
Allottee as on 28.06.2013
|
Names of Allottee |
|
No. of Shares |
|
Valeo Bayen S.A.S., France |
|
26000000 |
|
Total |
|
26000000 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
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 |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Alternators and Starter Motors. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
Licensed Capacity
The Company is exempted from the licensing provisions of the Industries (Development and Regulation) Act, 1951 in terms of notification No.S.O.477(E) dated July 25, 1991. Prescribed memoranda, for the purpose of record, have been filed with Secretariat for Industrial Assistance (SIA, Ministry of Commerce and Industry, Government of India. The capacity indicated is as disclosed in the respective memoranda.
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Alternators |
Nos. |
900000 |
199134 |
|
Starter Motors |
Nos. |
900000 |
487040 |
*As certified by the management and have not been verified by the auditors as this is a technical
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Divulged |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
6th and 7th Floor, "A"
Block, Tecci Park (Module 601,701 and 702), No.4, Rajiv Gandhi Salai,
Taramani, Chennai – 600113, Tamilnadu, India |
|
PAN No.: |
ABSFS4151K |
|
|
|
|
Holding Company : |
Valeo Bayen, France |
|
|
|
|
Ultimate Holding
Company : |
Valeo S.A, France |
|
|
|
|
Entities under
common control (restricted to where transactions exist) : |
· Valeo Sistemas Automotivos , Brazil Valeo Equipement Electrique Moteur, St Quentin Fallavie Valeo Sistemas Electronics, SA, Mexico Shanghai Valeo Automotive Electrical Systems Company
Limited Valeo Electric and Electronic Systems Sp.ZO.O., Poland Valeo Japan Company Limited Valeo Oto Sist A.S., Turkey Valeo Electrical Systems Korea Limited Valeo Equip. Electriques Moteu-Eda Valeo Air Management, Shanghai Valeo Engine And Electrical Systems, Campinas, Brazil Valeo Systèmes Electriques, Etaples-Sur-Mer, France Valeo Management ( Beijing) Company Limited, China Amalgamations Valeo Clutch India Private Limited CIN No.: U29130TN1997PTC037909 Minda Valeo Security Systems Private Limited CIN No.: U34300DL2007PTC157344 Nanjing Valeo Clutch Comapny Limited, China Priti Suri Associates, India Shanghai Valeo Automobile, China Taizhou Valeo Wenling Aut, China Valeo Systemes Thermique, France Valeo Autosystemy Sp.Zo.O, Poland Valeo Compressor, France Valeo Eclairage Signalisa, France Valeo Electric And Electricals , Poland Valeo Embrayage, France Valeo Engine and Electrical,South Korea Valeo Engine And Electric, France Valeo Equipments Electriques , France Valeo Etudes Electroniques, France Valeo Frizioni, Italy Valeo Interior Controls, France Valeo Japan Company Limited Valeo Lighting Hubei Tech, China Valeo Lighting Systems, France Valeo Management Beijing, China Valeo Management Services, France Valeo Pyeonghwa Co Limited, South Korea Valeo Schalter And Sensor, Germany Valeo Security Systems, France Valeo Service India Autoparts Private Limited CIN No.: U50100TN2012PTC084043 Valeo Service, France Valeo Siam Thermal Systems Company Limited, Thailand Valeo Systemes Dessuyage, France Valeo Systemes Electrique, France Valeo Systemes Thermiques, France Valeo Thermal Systems Japan Corporation, Japan Valeo Thermique Moteu, France Valeo Ths Tpt, France Valeo Transmissions, Usa Valeo Unisia Transmission, Japan Vec P2 Ams Division,France |
|
|
|
|
Significant
Influence : |
· Valeo Lighting Systems India Private Limited CIN No.: U51505DL2008PTC179801 Priti Suri and Associates (Till March 22, 2012) |
CAPITAL STRUCTURE
After 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
184500000 |
Equity Shares |
Rs.10/- each |
Rs.1845.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144924725 |
Equity Shares |
Rs.10/- each |
Rs.1449.247
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
184500000 |
Equity Shares |
Rs.10/- each |
Rs.1845.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68924725 |
Equity Shares |
Rs.10/- each |
Rs.689.247
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
689.247 |
36.600 |
|
(b) Reserves & Surplus |
|
(463.966) |
(47.047) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
270.532 |
|
Total Shareholders’
Funds (1) + (2) |
|
225.281 |
260.085 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
300.000 |
400.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
300.000 |
400.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
147.973 |
68.676 |
|
(b) Trade payables |
|
871.427 |
906.867 |
|
(c) Other current
liabilities |
|
132.127 |
9.900 |
|
(d) Short-term provisions |
|
47.497 |
22.146 |
|
Total Current Liabilities (4) |
|
1199.024 |
1007.589 |
|
|
|
|
|
|
TOTAL |
|
1724.305 |
1667.674 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
480.516 |
507.910 |
|
(ii) Intangible Assets |
|
70.375 |
67.832 |
|
(iii) Capital
work-in-progress |
|
70.551 |
70.142 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
72.317 |
29.947 |
|
(e) Other Non-current assets |
|
1.428 |
1.361 |
|
Total Non-Current Assets |
|
695.187 |
677.192 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
374.421 |
397.957 |
|
(c) Trade receivables |
|
305.719 |
323.737 |
|
(d) Cash and cash
equivalents |
|
14.385 |
18.725 |
|
(e) Short-term loans and
advances |
|
334.593 |
250.063 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
1029.118 |
990.482 |
|
|
|
|
|
|
TOTAL |
|
1724.305 |
1667.674 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
36.600 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4.355 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
40.955 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40.955 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
21.035 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.756 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
26.958 |
|
|
Cash & Bank Balances |
|
|
11.129 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
19.980 |
|
Total
Current Assets |
|
|
58.067 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
27.926 |
|
|
Other Current Liabilities |
|
|
4.567 |
|
|
Provisions |
|
|
6.410 |
|
Total
Current Liabilities |
|
|
38.903 |
|
|
Net Current Assets |
|
|
19.164 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40.955 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(451.719) |
(207.348) |
18.620 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
141.522 |
120.138 |
13.264 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ITEMS |
47.389 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(640.630) |
(327.486) |
5.356 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.756 |
3.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(640.630) |
(328.242) |
2.338 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B value |
39.996 |
48.048 |
0.000 |
|
|
|
Service income |
335.085 |
230.285 |
137.231 |
|
|
TOTAL EARNINGS |
375.081 |
278.333 |
137.231 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
913.833 |
625.002 |
0.000 |
|
|
|
Traded goods |
527.137 |
1248.495 |
0.000 |
|
|
|
Capital Goods |
88.772 |
39.466 |
0.000 |
|
|
TOTAL IMPORTS |
1529.742 |
1912.963 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(5.39) |
(89.68) |
0.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(38.74)
|
(20.50) |
6.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.84)
|
(1.26) |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.99
|
1.80 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86
|
0.98 |
1.49 |
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 |
No |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
|
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 |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
300.000 |
400.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from others |
14.500 |
0.000 |
|
Other external commercial borrowings |
67.216 |
0.000 |
|
Working capital loans from banks |
66.257 |
68.676 |
|
Total |
447.973 |
468.676 |
NOTE
The registered office of the company has been shifted from
14A and B, Hansalaya, 15, Barakhamba Road, New Delhi – 110001, India to present
address w.e.f.18.07.2011
CORPORATE INFORMATION
the Company was incorporated on December 29, 2005. The Company is engaged Valeo in the business of providing design and simulation services to its group companies across the globe. With effect from April 1, 2010, Valeo Engine Electrical Systems India Private Limited ('VEESIL') was amalgamated into the Company which is engaged in the business of manufacturing, assembling, sub-assembling, designing, developing, fabrication, export sales, distribution of alternators and starter motors.
OPERATIONS FOR THE
YEAR
Their company results comprises of Manufacturing of Starters / Altrnators, R & D Division, Shared Services, Thermal Operations . The loss for the year Rs.641.000 Mn during the year which is 24% (Previous year -12.%)
The company R&D Division expanded its Design and Engineering activities by serving to new product groups lighting systems during the year. The company’s shared services and thermal operations divisions have yet to receive income / receipts. The company’s R&D Division has got Cmmi Level 3 Certification during the year.
AMALGAMATION
Valeo Engines and Electrical Systems India Private Limited (Formerly known as Electrical Systems India Valeo Valeo Minda Private Limited) ("VEESIL") was incorporated on July 4, 2007. The company is engaged in the business of manufacturing, assembling, sub-assembling, designing, developing, fabrication, export sales, distribution of alternators and starter motors.
The Company had entered into a Scheme of Amalgamation ('Scheme') with VEESIL for the amalgamation of VEESIL with the Company effective April 1, 2010 ('Appointed Date'). The scheme was approved by the Hon'ble High Court of Judicature at Madras on November 28, 2011. The scheme has been given effect to in the previous year financial statements with retrospective effect from April 1, 2010. The date for the purpose of issue of the Company's equity shares to the members of the transferor company is December 30, 2011 ('Record date').
As per the scheme, during the period between the Appointed date and the Effective date, VEESIL shall be deemed to have carried on the existing business in "trust" on behalf of the Company. Further, all profits or incomes earned and expenses incurred by VEESIL during such period, shall for all purposes, be deemed to be profits or incomes or expenditure or losses of the Company.
The amalgamation has been accounted in accordance with Accounting Standard 14 -"Accounting for Amalgamations" issued by the Institute of Chartered Accountants of India, in the manner laid down in the Scheme. In consideration of transfer of the undertaking of VEESIL, the Company has issued 17,705 equity shares of the face value of Rs. 10/- each in Company for every 74,205 equity shares of the face value of Rs. 10/- (Rupees Ten only) each held in VEESIL as at the record date ("exchange ratio"). The paid up capital of VEESIL as at the record date was Rs 1428.050 Millions comprising of 142,805,000 equity shares of Rs 10/- each.
The Company has issued 34,082,125 equity shares of Rs 10/- each, fully paid up to the shareholders of VEESIL and the difference of Rs 1087.229 Millions between the paid up capital of VEESIL and the paid up value of equity shares issued has been adjusted to general reserves as per the treatment laid down in the Scheme. The total paid up capital of VEESIL as at March 31, 2011 was Rs 1134.050 Millions and the paid up value of equity shares issued in the exchange ratio described above aggregates to Rs. 270.532 Millions which was disclosed under "Capital Suspense Account" in the previous year has been transferred to share capital in the current year. The difference between them after adjusting Rs 221,289 relating to depreciation of the earlier years for adoption of uniform accounting policies, aggregating to Rs 863.739 Millions has been adjusted to General reserves in the previous year. For the balance paid up capital of Rs 294.000 Millions received during the current year, the Company has issued equity shares of paid up value aggregating to Rs.70.289 Millions in the above exchange ratio and the difference of Rs 223.711 Millions has been adjusted to General Reserves in the current year.
FIXED ASSETS
v
Tangible
assets
Plant
and Equipment
Other
plant and Equipment
Furniture
and Fixtures
Vehicles
Office
Equipment
Computer
Equipments
v
Intangible Assets
Computer
Software
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.62.34 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.