|
Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
VOLEX INTERCONNECT ( |
|
|
|
|
Registered
Office : |
22/1-A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.12.1995 |
|
|
|
|
Com. Reg. No.: |
18-047700 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 71.203 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32102TN1995PTC047700 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEV05429E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS5913P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject engaged
in manufacture of power cords, and electrical and electronic interconnection
devices. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Company has failed to file to its latest financials of 2012 with
Government Department. As per previous there appear accumulated losses recorded by company. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
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
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 DENIED
Management Non-cooperative. (Tel No. 91-44-24493338)
LOCATIONS
|
Registered Office : |
22/1-A, |
|
Tel. No.: |
91-44-24493338 |
|
Fax No.: |
91-44-24493339 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Located at: Chennai, Tamilnadu, India |
|
|
|
|
Sales Offices : |
Located at: |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Matt Stuarut Nudell |
|
Designation : |
Director |
|
Address : |
Flat 5, 4-8 Radnor PL, London W22TE, US |
|
Date of Birth/Age : |
10.06.1959 |
|
Date of Appointment : |
08.05.2013 |
|
DIN No.: |
06575649 |
|
|
|
|
Name : |
Mr. Aviral Garg |
|
Designation : |
Managing Director |
|
Address : |
Flat #403, Block “C”, Ramaniyam, Samarapann B 40, 20 and 21 Estate,
Chennai – 600041, Tamilnadu, India |
|
Date of Birth/Age : |
02.06.1967 |
|
Date of Appointment : |
30.09.2011 |
|
Date of Ceasing : |
31.07.2012 |
|
DIN No.: |
00937125 |
|
|
|
|
Name : |
Mr. Ramesh Marayanswamy Subramanaian |
|
Designation : |
Director |
|
Address : |
No. E 57A, Shreeramanidhi, 21st Cross S.T. Besent Nagar,
Chennai – 600090, Tamilnadu, India |
|
Date of Birth/Age : |
05.08.1966 |
|
Date of Appointment : |
01.02.2010 |
|
Date of Ceasing : |
25.11.2011 |
|
DIN No.: |
02819157 |
|
|
|
|
Name : |
Mr. Paul Anthony Mather |
|
Designation : |
Director |
|
Address : |
6 Stockt Close Knowlesolihull, West Midlands – B930PF, U.K. |
|
Date of Birth/Age : |
25.01.1956 |
|
Date of Appointment : |
13.12.2010 |
|
DIN No.: |
03349742 |
|
Date of Ceasing : |
08.05.2013 |
Note: Despite of several efforts, we could not
confirm the status of the directors appointed in company as the management non cooperative.
MAJOR SHAREHOLDERS
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Volex Group Holdings Limited, |
|
14431342 |
|
Volex Limited, |
|
1 |
|
Total |
|
14431343 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in
manufacture of power cords, and electrical and electronic interconnection
devices. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
32, Khader Nawaz Khan Road, Nunganbakkam, Chennai – 600006, Tamilnadu,
India |
|
PAN No.: |
AADFP9359C |
|
|
|
|
Fellow Subsidiary Company : |
·
Volex asia pte limited, singapore ·
Volex limited, U.K. ·
Volex cables (HK) limited, hong kong ·
Volex cable Assemblies SDN BHD ·
Volex Interconnect Systems ·
Volex Interconnect Systems – VNA ·
Volex Cable Assemblies (Shenzhen) ·
Volex Cable Assemblies (Zhongshan) ·
Volex Group Plc ·
Volex Asia Pte Limited ·
Volex Limited ·
PT Volex Cable Assembly ·
Volex Do Brasil Limited ·
Volex Interconnect Systems – VNA ·
Volex Inc – PW (America) ·
Volex Cable Assemblies (Shenzhen) ·
Volex Cable Assemblies (Zhongshan) ·
Volex Japan K K ·
Volex Cable Assembly (Vietnam) ·
Volex Sweden AB ·
Volex Group Plc ·
Volex Asia Pte Limited ·
Volex Group Plc |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital : Rs. 300.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 212.033
Millions
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14431343 |
Equity Shares |
Rs. 10/- each |
Rs. 144.313 Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7120296 |
Equity Shares |
Rs. 10/- each |
Rs. 71.203 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 |
71.203 |
71.203 |
23.955 |
|
|
2] Share Application Money |
116.131 |
0.000 |
96.575 |
|
|
3] Reserves & Surplus |
49.327 |
49.327 |
0.000 |
|
|
4] (Accumulated Losses) |
(284.101) |
(113.855) |
(13.576) |
|
|
NETWORTH |
(47.440) |
6.675 |
106.954 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
148.212 |
136.779 |
156.041 |
|
|
TOTAL BORROWING |
148.212 |
136.779 |
156.041 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
100.772 |
143.454 |
262.995 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
31.928 |
38.777 |
41.984 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.146 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
6.712 |
17.781 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
214.290
|
260.457 |
224.145
|
|
|
Sundry Debtors |
330.365
|
185.728 |
574.160
|
|
|
Cash & Bank Balances |
75.293
|
146.105 |
253.884
|
|
|
Other Current Assets |
1.332
|
0.000 |
0.000
|
|
|
Loans & Advances |
188.161
|
196.259 |
166.114
|
|
Total
Current Assets |
809.441
|
788.549 |
1218.303 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
627.134
|
581.742 |
979.776 |
|
|
Other Current Liabilities |
38.081
|
33.460 |
20.444
|
|
|
Provisions |
75.382
|
75.382 |
14.999
|
|
Total
Current Liabilities |
740.597
|
690.584 |
1015.219 |
|
|
Net Current Assets |
68.844
|
97.965 |
203.084
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
100.772 |
143.454 |
262.995 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
950.094 |
1785.751 |
2280.849 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(163.534) |
(56.410) |
(45.184) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(6.712) |
(43.869) |
6.601 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(170.246) |
(100.279) |
(38.583) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(113.855) |
(13.576) |
25.007 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(284.101) |
(113.855) |
(13.576) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
145.563 |
40.091 |
63.896 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1380.379 |
1534.048 |
|
|
|
Capital Goods |
NA |
2.839 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
1383.218 |
1534.048 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.80) |
(14.84) |
(16.11) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(17.21)
|
(3.16) |
(1.98) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(19.44)
|
(6.82) |
(3.59) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
3.44
|
(8.45) |
(0.42) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(3.12)
|
20.49 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.14 |
1.20 |
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 |
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 |
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 |
No |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2011 Rs. In Millions |
31.03.2010 Rs. In Millions |
|
Other external
commercial borrowings |
148.212 |
136.779 |
|
Total |
148.212 |
136.779 |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10137917 |
14/09/2009 * |
320,000,000.00 |
AXIS BANK LIMITED |
CMC, 1ST FLOOR, KARUMUTHU NILAYAM,
NO.192, ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA |
A70767520 |
* Date of charge modification
Background:
The Company was
incorporated as Stocko Electronics India Private Limited on December 4, 1995. Pursuant
to the share purchase agreement between Stocko Pte Limited, Singapore ('Stocko
Singapore') and Volex (Asia) Pte Limited, Singapore ('Volex Asia'), dated
January 30, 1999, Volex Asia acquired around 97 per cent of the share capital
of the Company and consequently the Company's name was changed to Volex
Interconnect (India) Private Limited.
During the year
2007-08, the Company became the subsidiary of Volex Group Holdings Limited, UK
pursuant to the transfer of entire shares held by Volex (Asia) Pte Limited and
Volex Pte Limited to Volex Group Holdings.
During the year
2009-10, 4,724,804 equity shares of Rs. 10 each were allotted at a premium of
Rs. 10.44 per share to Volex Group PLC, UK. Consequently, Volex Group PLC, UK
became the Holding Company of Volex Interconnect (India) Private Limited,
effective April 29, 2009.
The Company is
principally engaged in manufacture of power cords, and electrical and
electronic interconnection devices. The manufacturing facility of the Company
is located at Chennai, India.
FIXED ASSETS:
·
Leasehold improvements
·
Plant and Machinery
·
Electrical Equipments
·
Office Equipments
·
Computer and Peripherals
·
Furniture and Fittings
·
Vehicles
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 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. 62.48 |
|
|
1 |
Rs. 99.66 |
|
Euro |
1 |
Rs. 83.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
|
29 |
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.