.
|
Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
VANAZ ENGINEERS LIMITED |
|
|
|
|
Registered
Office : |
85/1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.01.1949 |
|
|
|
|
Com. Reg. No.: |
11-006866 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.23.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN1949PLC006866 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Pressure Regulator and LPG CNG Kit. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2192200 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
Profitability of the company seems to be decent. General financial position
of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported
to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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 DECLINED
Management non co-operative. [91-20-25405000]
LOCATIONS
|
Registered Office : |
85/1, Paud Road, Pune-411038, Maharashtra, India |
|
Tel. No.: |
91-20-25405000 |
|
Fax No.: |
91-20-25405151 |
|
E-Mail : |
DIRECTORS
AS ON 21.09.2013
|
Name : |
Mr. Milind Sambhaji Khandekar |
|
Designation : |
Chairman |
|
Address : |
128/1A, Paud Road, Kothrud, Pune-411038, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1953 |
|
Date of Appointment : |
06.05.2007 |
|
Din No.: |
01539892 |
|
|
|
|
Name : |
Mr. Shrikant Shankar Bapat |
|
Designation : |
Director |
|
Address : |
S. No. 849/Uma Apartments, Flat No. 8, Opposite BMCC Dr. Agarkar Road,
Shivaji Nagar, Pune-411004, Maharashtra, India |
|
Date of Birth/Age : |
05.11.1944 |
|
Date of Appointment : |
03.03.1992 |
|
Din No.: |
00248221 |
|
|
|
|
Name : |
Seshagiri Natarajan |
|
Designation : |
Director |
|
Date of Appointment : |
15.03.1997 |
|
Din No.: |
00457834 |
|
|
|
|
Name : |
Mr. Nitin Vyankatesh Kulkarni |
|
Designation : |
Director |
|
Date of Appointment : |
19.08.1995 |
|
Din No.: |
00385585 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 21.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
1.01 |
|
Bodies
corporate |
|
17.48 |
|
Directors
or relatives of directors |
|
33.04 |
|
Other
top fifty shareholders |
|
36.08 |
|
Others
|
|
12.39 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pressure Regulator and LPG CNG Kit. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Yeravdekar and Associates Chartered Accountants |
|
Address : |
96/16, Navi Peth, Rajendra Nagar, Near Sachin Tendulkar Jogging Track |
|
PAN No: |
AABFY1530C |
|
|
|
|
Other Related Parties : |
·
Astron Engineers (I) Private Limited ·
Vivikem Industries Corporation ·
Astron Valvetech Private Limited ·
Balaji Industries |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2320000 |
Equity Shares |
Rs.10/- each
|
Rs.23.200
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 |
23.200 |
23.200 |
23.200 |
|
(b) Reserves & Surplus |
524.873 |
428.530 |
328.468 |
|
(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) |
548.073 |
451.730 |
351.668 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
86.517 |
97.171 |
77.402 |
|
(b) Deferred tax liabilities (Net) |
10.049 |
8.400 |
15.368 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
96.566 |
105.571 |
92.770 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.268 |
2.224 |
0.295 |
|
(b)
Trade payables |
61.059 |
39.420 |
45.464 |
|
(c)
Other current liabilities |
59.033 |
55.351 |
42.938 |
|
(d) Short-term
provisions |
132.174 |
125.615 |
146.623 |
|
Total Current
Liabilities (4) |
252.534 |
222.610 |
235.320 |
|
|
|
|
|
|
TOTAL |
897.173 |
779.911 |
679.758 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
230.717 |
217.055 |
128.249 |
|
(ii)
Intangible Assets |
2.246 |
0.989 |
1.819 |
|
(iii)
Capital work-in-progress |
0.583 |
2.110 |
1.924 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
53.667 |
53.667 |
55.417 |
|
(e) Other
Non-current assets |
9.313 |
11.433 |
9.471 |
|
Total Non-Current
Assets |
296.551 |
285.279 |
196.905 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
78.069 |
77.575 |
94.093 |
|
(c)
Trade receivables |
155.415 |
111.542 |
109.835 |
|
(d) Cash
and cash equivalents |
240.467 |
194.944 |
155.291 |
|
(e)
Short-term loans and advances |
117.321 |
107.378 |
118.796 |
|
(f)
Other current assets |
9.350 |
3.193 |
4.838 |
|
Total
Current Assets |
600.622 |
494.632 |
482.853 |
|
|
|
|
|
|
TOTAL |
897.173 |
779.911 |
679.758 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1302.579 |
1193.457 |
1068.549 |
|
|
|
Other Income |
22.797 |
17.545 |
10.881 |
|
|
|
TOTAL (A) |
1325.376 |
1211.002 |
1079.430 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
499.764 |
454.700 |
381.925 |
|
|
|
Purchases of stock-in-trade |
258.067 |
210.138 |
217.832 |
|
|
|
Employee benefit expense |
181.584 |
172.636 |
136.048 |
|
|
|
Other expenses |
210.954 |
206.384 |
185.567 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(1.863) |
16.530 |
(0.763) |
|
|
|
TOTAL (B) |
1148.506 |
1060.388 |
920.609 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
176.870 |
150.614 |
158.821 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.323 |
2.864 |
2.125 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
172.547 |
147.750 |
156.696 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.189 |
23.833 |
21.439 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
143.358 |
123.917 |
135.257 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
36.158 |
14.418 |
39.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
107.200 |
109.499 |
96.110 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
303.774 |
214.712 |
137.539 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
11.000 |
11.000 |
9.500 |
|
|
|
Proposed Dividend |
9.280 |
8.120 |
8.120 |
|
|
|
Tax on Dividend |
1.577 |
1.317 |
1.317 |
|
|
BALANCE CARRIED
TO THE B/S |
389.117 |
303.774 |
214.712 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
13.400 |
17.700 |
14.100 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
46.21 |
47.20 |
41.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.09
|
9.04 |
8.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.00
|
10.38 |
12.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.99
|
15.93 |
19.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.27 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.15
|
0.22 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
2.22 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
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] |
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 |
No |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10311637 |
03/10/2011 |
32,500,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
C-2, KOHINOOR
ESTATE CO-OPERATIVE HOSING SOC., P |
B23119399 |
|
2 |
10018415 |
08/08/2006 |
10,000,000.00 |
THE SARASWAT CO-OPERATIVE
BANK LIMITED |
PAUD ROAD
BRANCH, PUNE - 411038, MAHARASHTRA, INDIA |
A04539029 |
|
3 |
90088321 |
30/01/2008 * |
15,000,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
PAUD ROAD
BRANCH, PUNE - 411037, MAHARASHTRA, INDIA |
A40314775 |
|
* Date of charge modification |
||||||
|
CASE DETAILS BENCH: BOMBAY LODGING NO.:
ITXAL/153/2011
FILING DATE: 03/02/2011 REG. NO.:
ITXA/1582/2011
REG. DATE:
19/07/2011
|
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Deferred Sales Tax Loan |
71.167 |
72.916 |
|
Long Term Maturities of Finance Lease Obligation |
(1.750) |
(1.750) |
|
TOTAL
|
69.417 |
71.166 |
CURRENT WORKING
AND FUTURE OUTLOOK:
The present scenario
in automotive market is not very promising. Current glut in the market may be
over by next few months. Shortages of natural gas and increase in its prices
has resulted in stagnant market for products required for CNG / PNG pipelines.
Both above markets are expected to improve in near future term. The company
intends to increase capital expenditure substantially to be ready for the
market when it improves.
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.62.17 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.