MIRA
INFORM REPORT
|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
VARROC
ENGINEERING PRIVATE LIMITED (w.e.f. 24.01.2001) |
|
|
|
|
Formerly Known
As : |
VARROC
ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
L-4, MIDC, Waluj, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.05.1988 |
|
|
|
|
Com. Reg. No.: |
11-047335 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 104.658 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920MH1988PTC047335 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKV01528C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV2420J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Automotive Parts and Equipment. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. There appears dip in profitability of the company during the financial
year 2013. However, the rating reflects established track record in the
automotive (auto) components business, diversified revenue profile, and
adequate financial risk profile, marked by a large net worth and adequate
debt protection metrics. Directors are reported to be experiences and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “A+” |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
20.11.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
20.11.2013 |
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.
LOCATIONS
|
Registered Office/ Factory 1: |
L-4, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
http://www.varrocgroup.com |
|
|
|
|
Corporate Office/ Factory 2 : |
E-4, MIDC, Industrial Area POB 958, Waluj, Aurangabad – 431 136,
Maharashtra, India |
|
Tel. No.: |
91-240-2556227/ 2556228/ 2555441/ 2564540/ 6648000 |
|
Fax No.: |
91-240-2564540/ 2555987/ 2554487 |
|
E-Mail : |
DIRECTORS
As on: 10.08.2013
|
Name : |
Mr. Naresh
Adishwarlal Chandra |
|
Designation : |
Director |
|
Address : |
Bhagwati Bhavan,
31/B, M.L. Dahanukar Marg, Mumbai – 400 026, |
|
Date of Birth/Age : |
11.02.1935 |
|
Date of Appointment : |
11.05.1988 |
|
PAN No.: |
AACPC7536R |
|
DIN No.: |
00027696 |
|
|
|
|
Name : |
Mr. Tarang
Nareshchandra Jain |
|
Designation : |
Managing Director |
|
Address : |
Gut No. 41 (P), Opposite
Walmi Kanchanwadi, |
|
Date of Birth/Age : |
21.03.1962 |
|
Qualification : |
B. Com., M.B.A. |
|
Experience : |
28 Years |
|
Date of Appointment : |
11.05.1988 |
|
PAN No.: |
AAXPJ4083B |
|
DIN No.: |
00027505 |
|
|
|
|
Name : |
Mr. Gautam
Premnath Kahndelwal |
|
Designation : |
Director |
|
Address : |
B 2, Alaknanda,
16-A, |
|
Date of Birth/Age : |
01.04.1962 |
|
Date of Appointment : |
24.03.2011 |
|
DIN No.: |
00270717 |
|
|
|
|
Name : |
Mr. Murlidharan
Kalyanasundaram |
|
Designation : |
Whole Time
Director |
|
Address : |
25, 4th
Main Road, TNHB Colony, Kothurpuram, Chennai-600085, Tamilnadu, India |
|
Date of Birth/Age : |
17.02.1955 |
|
Date of Appointment : |
20.01.2012 |
|
PAN No.: |
AANPM1911B |
|
DIN No.: |
05119127 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kumar Sachdev |
|
Designation : |
AVP – Corp. Legal Affairs and Company Secretary |
|
Address : |
F1, Chanakya Puri, |
|
Date of Birth/Age : |
29.12.1965 |
|
Date of Appointment : |
01.04.2008 |
|
PAN No.: |
ABEPS8631G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 10.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Naresh Chandra |
|
1157100 |
|
Naresh Chandra |
|
435000 |
|
Naresh Chandra |
|
14500 |
|
Suman Jain |
|
1207000 |
|
Tarang Jain |
|
5970500 |
|
Tarang Jain |
|
814900 |
|
Tarang Jain |
|
14500 |
|
Varroc Polymers Private Limited, India |
|
852349 |
|
|
|
|
|
Total |
|
10465849 |
Equity Share Break up (Percentage of Total Equity)
As on: 10.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
8.14 |
|
Directors or relatives of directors |
|
91.86 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automotive Parts and Equipment. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON AS
ON 31.03.2011
|
Particulars |
U.M. |
Installed
Capacity |
Actual Production |
|
|
Own Mfg. |
Job Work |
|||
|
Plastic Moulding Goods |
M.T. |
7021.00 |
2832.77 |
-- |
|
Box Packing |
Nos. |
2152800 |
1301676 |
-- |
|
Assembly and Packing |
Nos. |
6000000 |
5272486 |
-- |
|
Automobiles Seat Assembly |
Nos. |
1979120 |
908024 |
-- |
|
Air Filter Assembly |
Nos. |
1925485 |
1079690 |
-- |
|
Fly Wheel Magneto Assembly |
Nos. |
6423500 |
4422546 |
-- |
|
Capacitor Discharge Ignitions |
Nos. |
4205136 |
2742891 |
-- |
|
Regulator Rectifiers |
Nos. |
4025136 |
2949561 |
-- |
|
Starter Motor Assemblies |
Nos. |
1560000 |
1274370 |
-- |
|
Wiper Motor Assemblies |
Nos. |
790000 |
50358 |
-- |
|
Handle Bar Assembly |
Nos. |
1200000 |
849585 |
-- |
|
Switches |
Nos. |
1200000 |
127695 |
-- |
|
Mirror Assembly |
Nos. |
3850971 |
1102301 |
-- |
|
Exhaust Value |
Nos. |
6317149 |
3943792 |
-- |
|
Inlet Valve |
Nos. |
6000000 |
4723527 |
-- |
|
Steel Forged Products |
MT |
21815.58 |
4935.14 |
-- |
|
Crank Pin |
Nos. |
1800000 |
1678012 |
-- |
|
Dash Board Assembly |
Nos. |
100000 |
699501 |
-- |
|
Lamp Assembly |
Nos. |
18415000 |
6614708 |
546 |
|
Wind Power Generation |
Kwh |
18286500 |
10038711 |
-- |
NOTES:
a) The Company’s products are exempt form licensing requirements under
new industrial policy in terms of Notification No. S.O. 477 (E) Dated 25th
July, 1991, hence licensed capacity not given.
b) Installed capacity is as certified by the Management and relied upon
by the auditors, this being a technical matter.
c) Production figures exclude production on account of inter-unit
transfers.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· Corporation Bank, 14, Mumbai Pune Road, Wakdewadi, Pune - 411003, Maharashtra, India · ICICI Bank Limited Acting Through Its Baharain Branch, Suite 15, Part 3, Muncipality No.116, Building No. 114, Government Avenue, Manama - 316, Bahrain · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India · Citi Bank N.A., Jeevan Bharti Building, 4th Floor, 124, Cannaught Circus, Cannaught Place, New Delhi - 110001, Delhi, India · Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, Delhi - 110035, Delhi, India · The Saraswat Co – Operative Bank Limited, Kranti Chowk Branch, Aurangabad, Maharashtra, India · Punjab National Bank, Foreshore Road Branch, 1st Floor, Raheja Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Finance Institutions : |
Bajaj Finance Limited, Akurdi Pune- 411035, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
I-501 Ruturang, Phase 2, Pune Satara Road, Near City Pride Theatre, Pune – 411009, Maharashtra, India |
|
PAN No.: |
AAHFP0187A |
|
|
|
|
Subsidiaries : |
·
Durovalves India Private Limited CIN No.:- U34300MH1997PTC105518 ·
Varroc Exhaust Systems Private Limited CIN No.:- U29100MH2005PTC151756 ·
Aries Mentor Holding B.V. at Netherland · TRI.O.M Vietnam Company Limited, Italy · TRI.O.M, S.p.A Cambiano., Italy · Varroc Lighting Systems (India) Private Limited · Varroc Lighting Systems Inc. USA · Varroc Corp Holding BV, Netherlands |
|
|
|
|
Other Related Parties : |
·
Plastic Omnium Auto Exteriors (India) Private
Limited CIN No.:- U34300PN2007PTC131148 ·
High Technology Transmission Systems (India)
Private Limited CIN No.:- U34300MH2002PTC134738 ·
Endurance Technologies Private Limited (CN) CIN No.:- U34102MH1999PTC123296 ·
Varroc Elastomers Private Limited CIN No.:- U29190MH2005PTC157474 |
CAPITAL STRUCTURE
As on: 10.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000 Millions |
|
20000000 |
7% Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
TOTAL |
|
Rs.310.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10465849 |
Equity Shares |
Rs.10/- each |
Rs. 104.658
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
104.658 |
300.775 |
300.775 |
|
(b) Reserves & Surplus |
4986.441 |
4645.667 |
3751.440 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
5091.099 |
4946.442 |
4052.215 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
3634.197 |
2536.216 |
1014.749 |
|
(b) Deferred tax liabilities (Net) |
216.111 |
231.450 |
240.668 |
|
(c) Other long term
liabilities |
47.147 |
44.668 |
21.843 |
|
(d) long-term
provisions |
275.025 |
15.410 |
0.000 |
|
Total Non-current
Liabilities (3) |
4172.480 |
2827.744 |
1277.260 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
681.490 |
746.064 |
572.373 |
|
(b)
Trade payables |
2086.048 |
1856.498 |
1748.626 |
|
(c)
Other current liabilities |
1255.734 |
865.140 |
1012.714 |
|
(d) Short-term
provisions |
105.220 |
32.235 |
83.708 |
|
Total Current
Liabilities (4) |
4128.492 |
3499.937 |
3417.421 |
|
|
|
|
|
|
TOTAL |
13392.071 |
11274.123 |
8746.896 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4337.607 |
4440.015 |
4474.943 |
|
(ii)
Intangible Assets |
46.937 |
16.813 |
16.246 |
|
(iii)
Capital work-in-progress |
2570.277 |
1804.533 |
542.555 |
|
(iv) Intangible assets under development |
5.957 |
5.773 |
0.000 |
|
(b) Non-current
Investments |
2498.852 |
1185.132 |
117.685 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
124.663 |
157.652 |
76.135 |
|
(e) Other
Non-current assets |
0.000 |
255.241 |
512.932 |
|
Total Non-Current
Assets |
9584.293 |
7865.159 |
5740.496 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
16.500 |
32.124 |
20.059 |
|
(b)
Inventories |
1009.181 |
952.198 |
922.134 |
|
(c)
Trade receivables |
2036.573 |
1626.280 |
1452.277 |
|
(d) Cash
and cash equivalents |
114.011 |
342.044 |
125.922 |
|
(e)
Short-term loans and advances |
395.301 |
196.141 |
187.385 |
|
(f)
Other current assets |
236.212 |
260.177 |
298.623 |
|
Total Current
Assets |
3807.778 |
3408.964 |
3006.400 |
|
|
|
|
|
|
TOTAL |
13392.071 |
11274.123 |
8746.896 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
14520.100 |
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
14520.100 |
14545.900 |
12419.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
12795.300 |
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
12748.000 |
12795.300 |
10875.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1772.100 |
1750.600 |
1543.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
524.600 |
265.000 |
234.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1247.500 |
1485.600 |
1309.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
560.700 |
478.900 |
426.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
686.800 |
1006.700 |
882.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
154.800 |
94.300 |
225.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
532.000 |
912.400 |
657.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1999.300 |
1218.500 |
655.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend on Equity Shares |
13.300 |
17.600 |
12.300 |
|
|
|
Dividend on Preference Shares |
9.100 |
14.000 |
14.000 |
|
|
|
Dividend Tax |
0.000 |
0.000 |
0.100 |
|
|
|
Transferred to General Reserve |
0.000 |
100.000 |
68.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2508.900 |
1999.300 |
1218.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of export |
623.900 |
696.400 |
637.100 |
|
|
|
Others |
14.300 |
0.000 |
3.000 |
|
|
TOTAL EARNINGS |
638.200 |
696.400 |
640.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
717.800 |
413.500 |
199.100 |
|
|
|
Raw Material |
810.400 |
1050.100 |
932.800 |
|
|
|
Stores & Spares |
10.900 |
6.600 |
9.700 |
|
|
TOTAL IMPORTS |
1539.100 |
1470.2 |
1141.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.83 |
90.54 |
63.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.66 |
6.27 |
5.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.26 |
12.17 |
10.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.20 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.85 |
0.66 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.97 |
0.88 |
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CASE DETAILS
|
Lodging No.:- |
STRL/1/2012 |
Filing Date:- |
06/01/2012 |
Reg. No.:- |
STR/41/2012 |
Reg. Date:- |
18/07/2012 |
|
Petitioner:- |
ADDL. COMMISSIONER OF SALES TAX VAT III |
Respondent:- |
VARROC ENGINEERING PRIVATE LIMITED |
|
Petn.Adv.:- |
GOVT. PLEADER, HIGH COURT, O.S. MUMBAI |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
Status:- |
Pre-Admission |
Category:- |
SALES TAX REFERENCES |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Deferred sales tax loan |
301.992 |
320.366 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Term loans from others |
190.000 |
350.000 |
|
Loans and advances from related parties |
14.240 |
14.740 |
|
|
|
|
|
Total |
506.232 |
685.106 |
PERFORMANCE
The automobile industry in India showed negligible growth in the year 2012-13. The resultant topline of the company was almost the same as the previous year. The company has however recorded a 10% increase in exports. The EBITDA also increased marginally to Rs.1770.000 millions as against Rs.1750.000 millions in the previous year. There was significant increase in finance costs and the PBT declined by 32% to Rs.686.800 millions. Finance costs of Rs.281.700 millions, was owing to the acquisition of the global Automotive lighting business of Visteon Corporation, USA. Further details in this respect are furnished under the head New Acquisition?. If excluded, the PBT for the year under report would have been Rs.968.500 millions as against Rs.1006.700 millions in the previous year. During the year under report, PAT declined by 42% to Rs.532.000 millions.
The subdued trend in the automobile industry is expected to continue in the 1st half of the year 2013-14 with improvement expected in the 2nd half of the year due to a good forecasted monsoon and festive season. The Company, in spite of the slowdown is committed to growth by increasing share with existing customers and acquiring new customers. There will be a more cautious approach to capex with emphasis on higher productivity at the various plants.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10386278 |
23/10/2012 |
500,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, DELHI - 110035, |
B62023601 |
|
2 |
10377023 |
20/09/2012 |
2,000,000,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA |
B58319351 |
|
3 |
10370984 |
11/02/2013 * |
1,000,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO. X-23, MIDC WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B68487172 |
|
4 |
10366515 |
11/02/2013 * |
791,000,000.00 |
ICICI BANK LTD. ACTING THROUGH ITS BAHARAIN BRANCH |
SUITE 15, PART 3, MUNCIPALITY NO.116, BUILDING NO. 114, GOVERNMENT AVENUE, MANAMA, - 316, BAHRAIN |
68543651 |
|
5 |
10348692 |
11/04/2012 |
200,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO. X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B37283207 |
|
6 |
10324581 |
12/12/2011 |
56,700,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO. X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B28358414 |
|
7 |
10315664 |
04/02/2013 * |
456,825,600.00 |
CITI BANK N.A. |
JEEVAN BHARTI BUILDING, 4TH FLOOR, 124, CANNAUGHT CIRCUS, CANNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B68485465 |
|
8 |
10306311 |
18/08/2011 |
450,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B20560017 |
|
9 |
10258642 |
06/12/2010 |
226,800,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
PLOT NO. X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B01598382 |
|
10 |
10247374 |
22/10/2011 * |
300,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B23973316 |
|
11 |
80004232 |
04/10/2010 * |
50,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
KHADKESHWAR, AURANGABAD, MAHARASHTRA - 431003, INDIA |
A96099007 |
|
12 |
90227069 |
11/02/2013 * |
1,087,500,000.00 |
CORPORATION BANK |
14, MUMBAI PUNE ROAD, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B69623049 |
|
13 |
80004234 |
18/08/2004 |
148,120,000.00 |
THE SARASWAT CO OP BANK LIMITED |
STATION ROAD, AURANGABAD, AURANGABAD, MAHARASHTRA- 431001, INDIA |
- |
|
14 |
90235017 |
06/02/2006 * |
438,500,000.00 |
CORPORATION BANK |
NO14 ; INDUSTRIAL FINANCE BRANCH, WAKADEWADI, PUNE, MAHARASHTRA - 411003, INDIA |
- |
|
15 |
90241048 |
11/02/2013 * |
35,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B68532340 |
|
16 |
90232260 |
15/09/2010 * |
373,500,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, |
A96008172 |
|
17 |
90143485 |
11/07/2001 |
44,000,000.00 |
CANARA BANK |
CAMP BRANCH, M. G. ROAD, PUNE, MAHARASHTRA, INDIA |
- |
|
18 |
90226989 |
06/12/2001 * |
37,000,000.00 |
BANK OF BARODA |
MAIN BRANCH; PB NO - 40, TILAK ROAD; PAITAAN GATE |
- |
|
19 |
90226961 |
31/12/1999 * |
5,300,000.00 |
BANK OF INDIA |
BULITON EXCHANGE BRANCH, SEUIKH MOMON, MUMBAI, MAHARASHTRA, INDIA |
- |
|
20 |
90231812 |
04/09/1997 * |
1,000,000.00 |
THE SARASWAT CO - OP. BANK LIMITED; |
APSARA CINEMA BUILDING; 2 ND FLOOR, 2 ; ND FLOOR; GRANT ROAD, AURANGABAD, MAHARASHTRA, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
· Lease hold land
· Freehold land
· Factory Building
· Office Building
· Plant and Machinery
· Factory Equipment
· Electrical Installation
· Computer
· Mould and Dies
· Electrical Fittings
· Vehicles
· Office Equipment
· Furniture Fixtures
·
Tools and Instruments
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. 62.69 |
|
|
1 |
Rs. 102.97 |
|
Euro |
1 |
Rs. 84.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
52 |
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.