MIRA INFORM REPORT
|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
VECTOR PROJECTS (INDIA) PRIVATE LIMITED (w. e. f. 21.07.2005) |
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Formerly Known
As : |
VECTOR MODULAR SYSTEM (INDIA) PRIVATE LIMITED (w. e. f. 05.11.2003) V3 INTERIORS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
4th Floor, Vector House, L.B.S. Marg, Near Asian Paints
Limited, Bhandup (West) Mumbai - 400078, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
03.12.2001 |
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Com. Reg. No.: |
11-134091 |
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Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
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CIN No.: [Company Identification
No.] |
U20299MH2001PTC134091 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in undertaking Turnkey Projects and Total Office
Furniture Solutions. |
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No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1410000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB - [Cash Credit] |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation. It carry moderate credit risk. |
|
Date |
January 2013 |
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 [GENERAL DETAILS]
|
Name : |
Mr. Sabbir |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-67552893 |
|
Date : |
15.05.2013 |
LOCATIONS
|
Registered Office : |
4th Floor, Vector House, L.B.S. Marg, Near Asian Paints Limited,
Bhandup (West) Mumbai - 400078, Maharashtra, India |
|
Tel. No.: |
91-22-67552893/94/95 |
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Fax No.: |
91-22-67552896/64552859 |
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E-Mail : |
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Website : |
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Branch Office : |
Flat No. 716, L and T Pocket, Phase 2nd, Sector 18B,
Dwarka, New Delhi – 110075, India |
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Tel. No.: |
91-11-46535884/85 |
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Fax No.: |
91-11-45635886 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2012
|
Name : |
Mr. Umesh Prabhakar Rao |
|
Designation : |
Director |
|
Address : |
803, Marathon Galaxy, L.B.S. Marg, Mulund (West), Mumbai-400080, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1962 |
|
Date of Appointment : |
14.01.2004 |
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DIN No.: |
00080552 |
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|
|
|
Name : |
Mr. Rajesh Umesh Lad |
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Designation : |
Whole-time director |
|
Address : |
401, Prachi Apartments, 133 Model Town, Pratap Nagar, Andheri-(West), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1967 |
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Date of Appointment : |
03.12.2001 |
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DIN No.: |
00087258 |
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|
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|
Name : |
Mr. Shrikanth Raju Kuchimanchi |
|
Designation : |
Director |
|
Address : |
104 Marathon Galaxy , 2 Near Ashok, Industrial Area , Mulund (West), Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
31.08.1971 |
|
Date of Appointment : |
06.06.2008 |
|
DIN No.: |
02178027 |
KEY EXECUTIVES
|
Name : |
Mr. Sabbir |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 30.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in undertaking Turnkey Projects and Total Office
Furniture Solutions. |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 [Approximately] |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Sanjay C. Shah and Associates Chartered Accountants |
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Address : |
B-3,Om Joshi Apartments, Lallubhai Park Road, Andheri (West) Mumbai –
400058, Maharashtra, India |
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Tel. No.: |
91-22-26248873/26281101 |
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Fax No.: |
91-22-26248873 |
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E-Mail : |
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PAN No: |
AAFPS8770C |
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Other Related Parties : |
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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 |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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 |
50.000 |
50.000 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
303.049 |
241.579 |
176.795 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
353.049 |
291.579 |
226.795 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
563.390 |
542.572 |
421.351 |
|
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2] Unsecured Loans |
98.102 |
91.527 |
61.985 |
|
|
TOTAL BORROWING |
661.492 |
634.099 |
483.336 |
|
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DEFERRED TAX LIABILITIES |
16.760 |
4.262 |
6.161 |
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TOTAL |
1031.301 |
929.940 |
716.292 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
258.433 |
81.031 |
85.060 |
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Capital work-in-progress |
0.000 |
121.340 |
31.267 |
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|
|
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INVESTMENT |
8.780 |
8.281 |
2.884 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
208.799
|
161.009 |
66.351 |
|
|
Sundry Debtors |
769.054
|
810.195 |
659.216 |
|
|
Cash & Bank Balances |
22.743
|
29.991 |
30.114 |
|
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Other Current Assets |
22.128
|
5.779 |
37.181 |
|
|
Loans & Advances |
108.682
|
94.240 |
121.847 |
|
Total
Current Assets |
1131.406
|
1101.214 |
914.709 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
316.644
|
274.385 |
161.974 |
|
|
Other Current Liabilities |
50.674
|
102.040 |
79.420 |
|
|
Provisions |
0.000
|
5.501 |
76.234 |
|
Total
Current Liabilities |
367.318
|
381.926 |
317.628 |
|
|
Net Current Assets |
764.088
|
719.288 |
597.081 |
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL |
1031.301 |
929.940 |
716.292 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SALES |
|
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|
|
Income |
1889.732 |
1746.346 |
1388.033 |
|
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Other Income |
7.151 |
8.174 |
NA |
|
|
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TOTAL (A) |
1896.883 |
1754.520 |
NA |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1057.093 |
1028.647 |
|
|
|
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Employee benefit expense |
74.422 |
60.805 |
NA |
|
|
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Other expenses |
622.255 |
583.317 |
|
|
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|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(47.790) |
(94.658) |
|
|
|
|
TOTAL (B) |
1705.980 |
1578.111 |
NA |
|
|
|
|
|
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
190.903 |
176.409 |
|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
90.735 |
75.089 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
100.168 |
101.320 |
81.225 |
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.908 |
10.913 |
9.351 |
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|
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|
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|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
93.260 |
90.407 |
71.874 |
|
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Less |
TAX (H) |
31.791 |
25.623 |
24.247 |
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
61.469 |
64.784 |
47.627 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
241.579 |
176.795 |
129.168 |
|
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|
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|
|
|
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|
|
BALANCE CARRIED
TO THE B/S |
303.048 |
241.579 |
176.795 |
|
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|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Interest |
1.845 |
1.445 |
0.992 |
|
|
|
Dividend |
3.582 |
3.144 |
5.504 |
|
|
TOTAL EARNINGS |
5.427 |
4.589 |
6.496 |
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IMPORTS |
|
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Finished Goods for Projects/Trading |
NA |
NA |
12.571 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.29 |
12.96 |
9.53 |
|
%20PRIVATE%20LIMITED%20-%20221656%2016-May-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.24
|
3.69 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.94
|
5.17 |
5.18 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.71
|
7.65 |
7.19 |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.31 |
0.32 |
|
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|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.87
|
2.17 |
2.13 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.08
|
2.88 |
2.88 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
316.644
|
274.385 |
161.974 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
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 |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from
112/113 Marathon Maxgoregaon, Mulund
Link Road Mulund (West), Mumbai - 400080, Maharashtra, India to present address
w.e.f. 01.06.2011
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Loans and advances from related parties |
11.000 |
11.000 |
|
Other loans and advances |
87.102 |
80.527 |
|
TOTAL
|
98.102 |
91.527 |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U20299MH2001PTC134091 |
|
Name of the
company |
VECTOR PROJECTS
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
4th Floor, Vector House, L.B.S. Marg, Near Asian Paints Limited, Bhandup (W), Mumbai – 400078, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
10266130 |
|
Type of charge |
The Thane Janata Sahakari Bank Limitid, |
|
Particular of
charge holder |
The Thane Janata Sahakari Bank Limited, Bhandup West Branch, Shop No.1 To 3, Shakti Shopping Arcade CHS. Ltd., L.B.S. Marg, Mumbai - 400078, Maharashtra, India |
|
Nature of
instrument creating charge |
No Instrument.
Letter No.bhp/42/66 date. 21.5.2012 NOC for creating second charge of state
bank of India, sir, p.m. road branch on the property |
|
Date of
instrument Creating the charge |
21.05.2012 |
|
Amount secured by
the charge |
Rs. 70.000
Millions |
|
Brief of the principal
terms and conditions and extent and operation of the charge |
Rate of interest As Per Sanction Terms Terms of repayment As Per Sanction Terms Margin As Per Sanction Terms Extent and
operation of the charge As Per Sanction Terms |
|
Short particulars
of the property or assets charged (including complete address and location of
the property) |
Unit No. 401, 4th Floor, Along With Four Basement Parking Spaces, At Business Park, Bhandup (W) Resting on Piece and Parcel of Land Bearing CTS No. 287 Admg on/About 2522 Sq. Ft. Carpet Area. Unit No. 101, 1st Floor, Along With Three Basement Parking Spaces, At Business Park, Bhandup (W) Resting on Piece and Parcel of Land Bearing CTS No. 287/1 Admg on/About 2522 Sq. Ft. Carpet Area. |
|
Date of modification
prior to the present modification |
21.09.2011 |
|
Particulars of
the present modification |
Now By The Present Modification. Date.21.5.2012 TJSB Bhandup (W) Branch, Being Exclusive 1st Charge Holder for Securing C.F. of Rs. 70.000 Millions Cede 2nd Charge In Favour Of SBI, Sir P. M. Road Branch. As Against The T.L. Of Rs. 800.000 Millions. Granted by SBI to the Company. Against the Security by way of An E.M. by dated over the following prop. Situated At: Unit No.101 and 401, 1st and 4th Floor At Business Park, Bhandup (W) Resting on piece and Parcel of Land Bearing CTS No.287/1 Admg On/About 2522 Sq. Ft. Carpet Area |
FIXED ASSETS:
- Building
- Plant and
Machinery
- Equipments
- Computer
- Furniture and
Fixture
- Motor
Vehicles
- Leasehold
Properties
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.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.