|
Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VINOD VIKRAM ELECTRONICS |
|
|
|
|
Registered
Office : |
No. 62/2, C.I.E, Gandhi Nagar, Balanagar, Hyderabad - 500037, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.10.1995 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.694 Millions |
|
|
|
|
IEC No.: |
0907001912 |
|
|
|
|
TIN No.: |
28430122594 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACFV5827E |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Manufacture of Electrical and Distribution Transformers. |
|
|
|
|
No. of Employees
: |
24 (Approximately) (In Office 4) (In Factory 18) (In Branch 2) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 30000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having a satisfactory
track record. There appears some dip in the sales turnover during 2012. Trade relations are reported as fair. Business is active. Payment
terms are usually correct and as per commitment. The concern can be considered 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 – 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.
INFORMATION PARTED BY
|
Name : |
Mr. I. Narayana Rao |
|
Designation : |
Partner |
|
Contact No.: |
91-9391016474 |
|
Date : |
28.02.2013 |
LOCATIONS
|
Registered Office/ Factory : |
No. 62/2, C.I.E, Gandhi Nagar, Balanagar, Hyderabad - 500037, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23175875 |
|
Mobile No.: |
91-9391016474 (Mr. I. Narayana Rao) |
|
Fax No.: |
91-40-23175875 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3520 Sq ft |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Plot No. 206, Phase - III, IP (Industrial Park),
Pashamailaram, |
|
Tel. No.: |
91-8455-206075/ 224585/ 86/ 87/ 88 |
|
Fax No.: |
91-8455-2245845 |
|
Area : |
3026 Sq. Mtr |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. I. Narayana Rao |
|
Designation : |
Partner |
|
Address : |
Flat No. 501, 5th Phase, Jayalaxmi Towers, Near Telephone
Exchange, K.P.H.B, Hyderabad – 500072,
Andhra Pradesh, India |
|
Date of Birth/Age : |
02.02.1959 |
|
Qualification : |
B.E |
|
Experience : |
32 Years |
|
|
|
|
Name : |
I Padma |
|
Designation : |
Partner |
|
Address : |
Flat No. 501, 5th Phase, Jayalaxmi Towers, Near Telephone
Exchange, K.P.H.B, Hyderabad – 500072,
Andhra Pradesh, India |
|
Date of Birth/Age : |
15.03.1967 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Electrical and Distribution Transformers. |
|
|
|
|
Brand Names : |
VVE TRANSFORMERS |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days/ 60 days/ 90 days) |
|
|
|
|
Purchasing : |
Credit (90 days) |
GENERAL INFORMATION
|
Suppliers : |
·
Vinsar Fab Industries, Hyderabad ·
Ruby Enterprises ·
Alco Wire Products ·
KJV Alloy Conductors Private Limited |
|
|
|
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
24 (Approximately) (In Office 4) (In Factory 18) (In Branch 2) |
|
|
|
|
Bankers : |
Canara Bank, Balanagar Branch, Hyderabad, Andhra Pradesh, India |
|
|
|
|
Facilities : |
·
Cash Credit Rs.4.000 Millions (From Canara Bank) ·
B.G. Rs.2.500 Millions (From Canara Bank) ·
Bill Discounting Rs.2.500 Millions (From Canara
Bank) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. Mohana Rao Chartered Accountant |
|
Address : |
4th Floor, Prasanthi Ram Towers, Near Sarathi Studio,
Yousufguda Road, Ameerpet, Hyderabad - 500016, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23747400 |
|
Fax No.: |
91-40-23747400 |
|
E-Mail : |
|
|
|
|
|
Sister Concern : |
Name: V.V.
Engineering Private Limited Address: Plot No. A-24/C, Gandhi Nagar, IDA, Balanagar, Hyderabad - 500037, Andhra Pradesh, India Line of Business:
Manufacturers of Roofing Sheets |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 7.694 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 7.694 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
|
7.694 |
9.764 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
7.694 |
9.764 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
6.113 |
9.663 |
|
|
2] Unsecured Loans |
|
0.350 |
0.640 |
|
|
TOTAL BORROWING |
|
6.463 |
10.303 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
14.157 |
20.067 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
15.231 |
17.387 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
9.946 |
12.371 |
|
|
Sundry Debtors |
|
11.181 |
7.268 |
|
|
Cash & Bank Balances |
|
0.638 |
0.617 |
|
|
Other Current Assets |
|
0.204 |
0.000 |
|
|
Loans & Advances |
|
2.062 |
3.472 |
|
Total
Current Assets |
|
24.031 |
23.728 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
19.621 |
16.206 |
|
|
Other Current Liabilities |
|
5.484 |
4.842 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
25.105 |
21.048 |
|
|
Net Current Assets |
|
(1.074) |
2.680 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
14.157 |
20.067 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
98.447 |
130.358 |
|
|
|
Other Income |
|
0.534 |
0.316 |
|
|
|
TOTAL |
|
98.981 |
130.674 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
81.711 |
107.384 |
|
|
|
Excise Duty paid |
|
2.155 |
2.734 |
|
|
|
Vat Paid |
|
4.123 |
6.025 |
|
|
|
Conveyance and travelling Expenses |
|
0.028 |
0.102 |
|
|
|
Sales commission paid |
|
0.129 |
0.418 |
|
|
|
Fuel and Power |
|
0.489 |
0.442 |
|
|
|
Testing Charges |
|
0.258 |
0.202 |
|
|
|
BEE 3Star Labelling Fee |
|
0.127 |
0.000 |
|
|
|
Fees and Subscription |
|
0.025 |
0.008 |
|
|
|
Salaries and Wages |
|
2.907 |
3.150 |
|
|
|
Security Salaries |
|
0.099 |
0.000 |
|
|
|
Bonus |
|
0.088 |
0.107 |
|
|
|
EPF Employer Contribution |
|
0.186 |
0.189 |
|
|
|
ESI Employer Contribution |
|
0.082 |
0.078 |
|
|
|
Service Tax paid |
|
0.010 |
0.013 |
|
|
|
Bank Charges |
|
0.000 |
0.231 |
|
|
|
Printing and Stationery |
|
0.058 |
0.145 |
|
|
|
Postage and Couriers |
|
0.003 |
0.000 |
|
|
|
Rates and Taxes |
|
0.053 |
0.155 |
|
|
|
Telephone Charges |
|
0.176 |
0.169 |
|
|
|
Freight Charges |
|
0.355 |
0.498 |
|
|
|
Partner Remuneration |
|
0.780 |
0.780 |
|
|
|
Finance Charges |
|
1.150 |
0.821 |
|
|
|
Repair and maintenance |
|
0.092 |
0.330 |
|
|
|
Office maintenance |
|
0.000 |
0.042 |
|
|
|
Vehicles maintenance |
|
0.193 |
0.371 |
|
|
|
Advertisement Charges |
|
0.173 |
0.175 |
|
|
|
Job works |
|
0.218 |
0.000 |
|
|
|
Audit Fees |
|
0.066 |
0.061 |
|
|
|
Insurance |
|
0.163 |
0.234 |
|
|
|
General Expenses |
|
0.132 |
0.072 |
|
|
|
Professional and Consultancy |
|
0.079 |
0.054 |
|
|
|
Staff Welfare Expenses |
|
0.107 |
0.311 |
|
|
|
TOTAL |
|
96.215 |
125.301 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2.766 |
5.373 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.482 |
1.836 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
1.284 |
3.537 |
|
Expected Sales (2012-2013): Rs.130.000 Millions
Expected Profit (2012-2013): Rs.1.500 Millions
The above information has been parted by Mr. I. Narayana Rao
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total
Income |
(%) |
|
1.30 |
2.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.30 |
2.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.27 |
8.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.17 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.84 |
1.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.96 |
1.13 |
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
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 |
TRADE REFERENCES:
· APCPDCL
· S.P.R. Construction Private Limited
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.53.84 |
|
|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
46 |
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.