MIRA
INFORM REPORT
|
Report Date : |
12.02.2014 |
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. |
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|
|
|
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 |
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|
|
|
Litigation : |
Exist |
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|
|
|
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 worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under control,
said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up
from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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. |
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|
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 |
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|
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|
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 |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
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. 62.43 |
|
|
1 |
Rs. 102.48 |
|
Euro |
1 |
Rs. 85.28 |
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.