MIRA INFORM REPORT
|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIDYUTH CONTROL SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 406, Jade Arcade, 126 M.G. Road, Secunderabad - 500003 Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.07.1998 |
|
|
|
|
Com. Reg. No.: |
01-029693 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 24.717 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909AP1998PTC029693 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Instrument Transformers |
|
|
|
|
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 440000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. There appears some dip in the profits during 2012. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company 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.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = BB (Suspended) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
September 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A4 (Suspended) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
September 2012 |
Reason for suspension : Absence of the requisite information form the
company.
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 / Head Office : |
No. 406, Jade Arcade, 126 M.G. Road, Secunderabad -
500003 Andhra Pradesh, India. |
|
Tel. No.: |
91-40-66333985 |
|
Fax No.: |
91-40-66333986 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Survey No. 851, IDA, Medchal - 501401 Ranga Reddy District, Andhra Pradesh, India. |
|
Tel. No.: |
91-8418-222918 / 224850 |
|
Fax No.: |
91-8418-223376 |
DIRECTORS
As on 26.09.2012
|
Name : |
Aligina China Venkateswara Rao |
|
Designation : |
Managing Director |
|
Address : |
H.No. 1-5-1120/5, S.N. Reddy Enclave, jonna Banda, Alwal, Hyderabad –
500010, Andhra Pradesh, India |
|
Date of Birth/Age : |
15.08.1944 |
|
Date of Appointment : |
01.07.1998 |
|
DIN No.: |
00462879 |
|
|
|
|
Name : |
Mr. Aligina Sarat Babu |
|
Designation : |
Director |
|
Address : |
406, Jade Arcade, 126, M G Road, Secunderabad – 500003, Andhra
Pradesh, India |
|
Date of Birth/Age : |
26.04.1973 |
|
Date of Appointment : |
30.12.1999 |
|
DIN No.: |
00735605 |
|
|
|
|
Name : |
Mr. Mudimbi Krishnamacharyulu |
|
Designation : |
Director |
|
Address : |
Flat No.102, Mehar Vaibhav, A.S. Raju Nagar, Kukatpally, Hyderabad –
500072, Andhra Pradesh, India |
|
Date of Birth/Age : |
21.11.1946 |
|
Date of Appointment : |
05.11.2006 |
|
DIN No.: |
00873981 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
A.Ch Venkateswara Rao |
|
1021000 |
|
A.. Sarat Babu |
|
929930 |
|
A. Kumudvathi |
|
49000 |
|
Ch. V.R.K. Prasad |
|
471750 |
|
Total |
|
2471680 |
As on 26.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
19.08 |
|
Directors or relatives of Directors |
80.92 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Instrument Transformers |
GENERAL INFORMATION
|
Customers : |
POWER UTILITIES:
OEM’s AND TURNKEY PROJECT CONTRACTORS:
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
State Bank of India, SME Branch, Saifabad, HACA Bhavan,
Opposite To Public Gardens, Hyderabad - 500004, Andhra Pradesh, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dagliya and Company Chartered Accountants |
|
Address : |
5-5-9/13, 2nd Floor Srinivasa Building, Ranigunj, Secunderabad – 500003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27713308 / 27712769 |
|
Fax No.: |
91-40-27713488 |
|
E-Mail : |
|
|
PAN.: |
AAAFD6954E |
|
|
|
|
Associates : |
Vijay Electricals |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2471680 |
Equity Shares |
Rs.10/- each |
Rs.24.717
Millions |
|
|
|
|
|
The reconciliation of the number of equity
|
Particular |
31.03.2012 |
|
Shares outstanding at the beginning of the year |
24,71,680 |
|
Share issued during the year |
-- |
|
Share bought back during the year |
24,71,680 |
The details of shareholders holding more than 5% equity share are not
set out below
|
Name of Shareholder |
No. of Share
held |
% of Holding |
|
A.Ch Venkateswara Rao |
10,21,000 |
41.31% |
|
A.. Sarat Babu |
9,29,930 |
37.62% |
|
Ch. V.R.K. Prasad |
4,71,750 |
19.09% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.717 |
24.717 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
55.436 |
|
|
3] Reserves & Surplus |
86.714 |
83.179 |
3.421 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
111.431 |
107.896 |
78.857 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17.115 |
17.361 |
8.322 |
|
|
2] Unsecured Loans |
0.026 |
0.026 |
17.323 |
|
|
TOTAL BORROWING |
17.141 |
17.387 |
25.645 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
128.572 |
125.283 |
104.502 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
30.507 |
32.854 |
27.607 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
2.691 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.440 |
1.921 |
2.401 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
43.567
|
50.233 |
47.077 |
|
|
Sundry Debtors |
52.542
|
43.636 |
35.896 |
|
|
Cash & Bank Balances |
23.860
|
14.830 |
6.282 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.705
|
5.688 |
4.715 |
|
Total
Current Assets |
123.674
|
114.387 |
93.970 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.356
|
12.096 |
9.091 |
|
|
Other Current Liabilities |
13.827
|
10.899 |
13.263 |
|
|
Provisions |
0.866
|
0.884 |
0.000 |
|
Total
Current Liabilities |
27.049
|
23.879 |
22.354 |
|
|
Net Current Assets |
96.625
|
90.508 |
71.616 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.187 |
|
|
|
|
|
|
|
|
TOTAL |
128.572 |
125.283 |
104.502 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Turnover |
196.975 |
192.235 |
152.899 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
10.968 |
12.115 |
10.190 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.006 |
5.049 |
3.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5.962 |
7.066 |
6.597 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.87
|
4.80 |
5.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.07 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
6.50
|
6.21 |
3.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.57
|
4.79 |
4.20 |
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) |
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CONTINGENT LIABILITIES NOT PROVIDED FOR: (As on 31.03.2012)
- Unexpired
bank Guarantees of Rs. 20.965 Millions
UNSECURED LOAN
Rs. In
Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Loans and advances from directors and their relatives (Repayable after a period of more than 2 year) |
0.026 |
0.026 |
|
Total |
0.026 |
0.026 |
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Generators
- Air
Conditioners
- Vehicles
- Furniture
- Office
Equipment
- Computer
- Xerox
Machine
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.54.10 |
|
|
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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.