MIRA INFORM REPORT
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Report No. : |
306776 |
|
Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
VARROC ELASTOMERS
PRIVATE LIMITED |
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Registered Office : |
Plot No.M-191/2, MIDC
Industrial Area, Waluj, Aurangabad – 431 136, Maharashtra |
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Country : |
India |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
22.11.2005 |
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Com. Reg. No.: |
11-157474 |
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Capital Investment /
Paid-up Capital : |
Rs.9.500 millions |
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CIN No.: [Company
Identification No.] |
U29190MH2005PTC157474 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account
No.] |
Not Available |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Subject is engaged in the business of manufacturing of
automotive parts and accessories for automobile industry. |
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No. of Employees : |
Information
declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba
(48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having fine track. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on e-mail
: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr.
Srinath P. |
|
Designation : |
Head
of Operations |
|
Contact No.: |
91-9673001600 |
|
Date : |
05.02.2015
|
LOCATIONS
|
Registered Office/
Manufacturing Plant : |
Plot No.M-191/2, MIDC
Industrial Area, Waluj, Aurangabad – 431 136, Maharashtra, India |
|
Tel. No.: |
91-240-2552830/
2556227/ 2552831 |
|
Mobile No.: |
91-9673001600 (Mr.
Srinath P.) |
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Fax No.: |
91-240-2552832/
2564540 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 06.08.2014
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Director |
|
Address : |
Bhagwati Bhavan,
31/B, M.L. Dahanukar Marg, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
11.02.1935 |
|
Date of Appointment : |
22.11.2005 |
|
DIN No. : |
00027696 |
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|
|
|
Name : |
Mr. Tarang Jain |
|
Designation : |
Director |
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Address : |
Gut No.41 (P),
Opposite Walmi Kanchanpadi, Aurangabad - Paithan Road, Aurangabad – 431 105,
Maharashtra, India |
|
Date of Birth/Age : |
21.03.1962 |
|
Date of Appointment : |
22.11.2005 |
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DIN No. : |
00027505 |
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|
|
|
Name : |
Mr. Pothapragada
Janardana Swamy |
|
Designation : |
Director |
|
Address : |
Plot No.245, N-1,
Sector-B, CIDCO, Aurangabad – 431 005, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1955 |
|
Qualification : |
M. Sc.
(Electronics) |
|
Experience : |
36 Years |
|
Date of Appointment : |
22.11.2005 |
|
DIN No. : |
00040030 |
KEY EXECUTIVES
|
Name : |
Mr. Srinath P. |
|
Designation : |
Head of Operations |
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|
|
|
Name : |
Reena Nathani |
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Designation : |
Practicing Company
Secretary |
|
Address : |
Shop No.16/17, Jain
Hind Market, Near Bus Stand, Railway Crossing, Pandri, Raipur – 492 001, Chhattisgarh, India |
|
Mobile No.: |
91-9300490033/
9300390033 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 06.08.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
Varroc
Polymers Private Limited, India |
484500 |
51.00 |
|
Pothapragada
Sreedevi |
133000 |
14.00 |
|
Pothapragada
Swarnalata |
95000 |
10.00 |
|
Pothapragada
Srikanth |
104500 |
11.00 |
|
Pothapragada
J. Swamy |
133000 |
14.00 |
|
Total |
950000 |
100.00 |
AS ON 06.08.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of
Holding |
|
Bodies
corporate |
51.00 |
|
Directors or relatives of Directors |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing of
automotive parts and accessories for automobile industry. |
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Products : |
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Brand Names : |
Not
Available |
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Agencies Held : |
Not
Available |
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Exports : |
Not
Divulged |
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Imports : |
Not
Divulged |
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Terms : |
Not
Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
·
Mahindra ·
Ford ·
Maruti Suzuki ·
TATA ·
Bajaj ·
Piaggio ·
Royal Enfield ·
Yamaha ·
Honda ·
Endurance |
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No. of Employees : |
Information
declined by the Management. |
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Bankers : |
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Banking Relations :
|
-- |
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Auditors : |
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|
Name : |
C.V. Chitale and
Company Chartered
Accountants |
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Address : |
3, Konark Residency, Survey No.18315/4 , Opposite
Deogiri English School, Bhagirath Nagar Station Road, Aurangabad – 431 005, Maharashtra,
India |
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PAN
No.: |
AAEFC6355J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Varroc Polymers
Private Limited, India (CIN No.: U25209MH1995PTC090037) |
CAPITAL STRUCTURE
AS ON 06.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs.10/-
each |
Rs.10.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950000 |
Equity
Shares |
Rs.10/-
each |
Rs.9.500
millions |
|
|
|
|
|
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a)
Share Capital |
9.500 |
9.500 |
9.500 |
|
(b)
Reserves & Surplus |
80.776 |
69.049 |
57.740 |
|
(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) |
90.276 |
78.549 |
67.240 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term
borrowings |
21.443 |
24.427 |
17.589 |
|
(b) Deferred tax
liabilities (Net) |
9.671 |
9.174 |
8.431 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
1.657 |
1.492 |
1.528 |
|
Total
Non-current Liabilities (3) |
32.771 |
35.093 |
27.548 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
9.149 |
9.357 |
3.787 |
|
(b) Trade payables |
94.730 |
109.340 |
75.387 |
|
(c) Other current
liabilities |
22.694 |
15.653 |
13.428 |
|
(d)
Short-term provisions |
8.483 |
8.395 |
9.515 |
|
Total
Current Liabilities (4) |
135.056 |
142.745 |
102.117 |
|
|
|
|
|
|
TOTAL |
258.103 |
256.387 |
196.905 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
127.027 |
118.813 |
100.667 |
|
(ii) Intangible
Assets |
0.152 |
0.337 |
0.522 |
|
(iii) Capital
work-in-progress |
0.884 |
2.323 |
2.195 |
|
(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 |
6.392 |
2.994 |
1.472 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
134.480 |
124.492 |
104.881 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
19.278 |
20.327 |
17.247 |
|
(c) Trade
receivables |
100.054 |
104.988 |
71.052 |
|
(d) Cash and cash
equivalents |
0.518 |
1.248 |
0.475 |
|
(e) Short-term
loans and advances |
3.700 |
5.228 |
2.892 |
|
(f) Other current
assets |
0.073 |
0.104 |
0.358 |
|
Total
Current Assets |
123.623 |
131.895 |
92.024 |
|
|
|
|
|
|
TOTAL |
258.103 |
256.387 |
196.905 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
524.642 |
466.261 |
|
|
|
Other
Income |
|
|
|
|
|
|
TOTAL |
509.411 |
524.642 |
466.261 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
457.275 |
473.898 |
412.974 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
52.136 |
50.744 |
52.287 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
7.808 |
5.948 |
4.238 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.328 |
44.796 |
48.049 |
|
|
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
17.525 |
18.259 |
11.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
26.803 |
26.537 |
36.740 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.962 |
9.115 |
11.731 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
17.841 |
17.422 |
25.009 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
60.906 |
51.340 |
37.691 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed
Dividend |
5.225 |
5.225 |
7.600 |
|
|
|
Tax
on Proposed Dividend |
0.888 |
0.889 |
1.260 |
|
|
|
Transfer
to General Reserve |
1.784 |
1.742 |
2.500 |
|
|
BALANCE CARRIED TO
THE B/S |
70.850 |
60.906 |
51.340 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export
Earnings |
8.448 |
1.181 |
0.000 |
|
|
TOTAL EARNINGS |
8.448 |
1.181 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
18.78 |
18.34 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.42 |
10.45 |
18.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.34 |
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.34 |
0.43 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.92 |
0.90 |
FINANCIAL ANALYSIS
[all
figures are in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in
Mlns.) |
(INR in
Mlns.) |
(INR in
Mlns.) |
|
Share Capital |
9.500 |
9.500 |
9.500 |
|
Reserves & Surplus |
57.740 |
69.049 |
80.776 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
67.240 |
78.549 |
90.276 |
|
|
|
|
|
|
Long Term borrowings |
17.589 |
24.427 |
21.443 |
|
Short Term borrowings |
3.787 |
9.357 |
9.149 |
|
Total
borrowings |
21.376 |
33.784 |
30.592 |
|
Debt/Equity ratio |
0.318 |
0.430 |
0.339 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in
Mlns) |
(INR in
Mlns) |
(INR in
Mlns) |
|
Total Income |
466.261 |
524.642 |
509.411 |
|
|
|
12.521 |
(2.903) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in
Mlns) |
(INR in
Mlns) |
(INR in
Mlns) |
|
Total Income |
466.261 |
524.642 |
509.411 |
|
Profit |
25.009 |
17.422 |
17.841 |
|
|
5.36% |
3.32% |
3.50% |
LOCAL AGENCY FURTHER INFORMATION
Details
of Current maturities of long term debt:
|
Particulars |
31.03.2014 (Rs.
in millions) |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
|
Current
maturities of long term debt |
NA |
NA |
8.001 |
|
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 |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
----- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
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 |
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 |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
Note:
The registered office
of the company has been shifted from Plot No.E-4, MIDC, Waluj Aurangabad – 431
136, Maharashtra to the present address w.e.f. 01.05.2011.
PERFORMANCE
Net
Sales and Other income reported a little bit down trend by 2.9% to Rs.509.400 millions
from Rs.524.600 millions in the previous year. EBITDA is slightly on higher
side as compared to the last year as Rs.52.136 millions from Rs.50.744
millions. However, PBT is also improved to some extent by 1% to Rs.26.800
millions. On the result of positive EBIDTA the PAT also increased to Rs.17.800
millions as compared to Rs.17.400 millions during the previous year. Despite
industry slow down, the performance is considered to be satisfactory.
The
Company is committed to the improvement of environment, safety, health and
society and the same has been incorporated in the Company’s Mission Statement
and Quality Policy. It is continue with ISO/TS 16949 Certification and during
the current financial year 2013-14, the company has also been certified with
ISO-14001 and OHSAS 18001.
FUTURE OUTLOOK
The
continued slow down in the automobile business continues to be a matter of
concern. However, strategically, the Company has been successful in tapping domestic
market and has forayed into exports also consequent upon its business deals
with Magneti Mareli, Brazil and Malaysian Automotive Lighting SDN, Malaysia as
indicated in last report. The Company is also hopeful of favourable
negotiations with VolksWagen.
New
products have been introduced to cater to the requirements of customers.
Further ambitious plans are on cards to introduce new product range in 2W/4W
and for expanding customer base. In the current fiscal, the company has planned
a capex of Rs.2.25 Crore to start a state of the art mixing plant and is aiming
to make custom mixing a core area in future and achieve a top line of Rs.60
Crore. The Directors are optimistic and hoping for considerable upswing in
topline as well as bottom line in the coming years.
FINANCE
The
company has adequate working capital facilities sanctioned by its bankers. The
finance cost has increased as compared to last year as Rs.7.808 millions from
Rs.5.948 millions. The Company has been regular in repaying the interest and
principal amounts due against term loans.
INDEX OF CHARGES
|
S. No. |
Charge
ID |
Date of
Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10540452 |
23/12/2014 |
9,375,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
WALUJ,
AURANGABAD, MAHARASHTRA - 431136, INDIA |
C39136783 |
|
2 |
10539605 |
17/12/2014 |
14,420,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
MADHULENI,
KHADKESHWAR, AURANGABAD, MAHARASHTRA -431001, INDIA |
C38623443 |
|
3 |
10474262 |
08/01/2014 |
10,035,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO.
X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B94964145 |
|
4 |
10467020 |
18/12/2013 |
3,750,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
PLOT NO.
X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B92318518 |
|
5 |
10423097 |
12/04/2013 |
3,500,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO.
X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B74187634 |
|
6 |
10411869 |
04/03/2013 |
8,700,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO.
X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B70785290 |
|
7 |
10391365 |
07/12/2012 |
5,300,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO.
X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B63901946 |
|
8 |
10377220 |
05/09/2012 |
3,385,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO.
X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B58383787 |
|
9 |
10330654 |
16/01/2012 |
8,300,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO.
X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA |
B30178461 |
|
10 |
10323579 |
06/02/2012
* |
7,500,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT
NO.X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - |
B33658345 |
|
11 |
10277687 |
14/03/2011 |
8,500,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO X-23,
MIDC, WALUJ, AURANGABAD, MAHARASHTRA - |
B09653478 |
|
12 |
10272312 |
05/04/2013
* |
24,000,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO.
X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - 431003, INDIA |
B74193137 |
|
13 |
10251353 |
12/11/2010 |
10,900,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT
NO.X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA - |
A98631013 |
|
14 |
10154778 |
19/04/2011
* |
4,500,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO.
X-23, MIDC, WALUJ, AURANGABAD, MAHARASHTRA |
B12127122 |
* Date of charge modification
FIXED ASSETS:
Tangible
Assets
·
Lease hold Land
·
Factory Building
·
Plant and Machinery
·
Mould and Dies
·
Factory Equipment
·
Electrical Installation
·
Electrical Fittings
·
Furniture Fixture
·
Vehicle
·
Office Equipment
·
Computers
Intangible Assets
·
Software
WEBSITE DETAILS:
NEWS:
TATA
OPPORTUNITIES FUND ACQUIRES 15% STAKE IN VARROC GROUP
April
04, 2014
MUMBAI: Tata Group's private equity fund Tata Opportunities Fund has bought around 15% stake in
Aurangabad-based auto component maker Varroc group for $50 million (Rs.3000.000
millions), the fund announced on Thursday, making this its first investment
outside the Tata Group companies.
Varroc, India's third
largest auto components maker, will use the funds to expand its capacity and
partly pay off its outstanding debt, Padmanabh Sinha, managing partner of Tata
Opportunities Fund, said in a telephonic interview. ET had first reported about
the PE fund's proposed investment in Varroc on January 30 this year.
Promoted by first
generation entrepreneur Tarang Jain, Varroc began selling auto components to the
Bajaj group in the late 90s, and then to other vehicle makers as well. Today,
the company has revenues of more than Rs.70000.000 millions with almost half of
it coming from its overseas operations.
Investing in the manufacturing sector at a time when it has lost larger
investor interest is a big bet for Tata Opportunities Fund. "We believe
manufacturing is the need of the hour, and in a couple of years, this industry
will bounce back. We will continue to selectively look for such assets with
strong entrepreneurs and good governance," said Sinha.
Tata Opportunities Fund
(TOF), which is the flagship PE fund of the group, will continue to invest
around $150-200 million every year. While it is open to exploring secondary opportunities
where an existing fund is looking to cash out of an investment, searching for
proprietary deals will continue to be the fund's focus, Sinha said. It would
stay away from auction processes run by investment bankers.
In the past, the fund had invested in economy
hotel chain Ginger Hotels, as well as Tata Sky, the group's direct-to-home satellite
television provider. Incidentally, these are both group companies. In Varroc,
TOF gets a high-growing leader in the autocomp sector which is riding on the
boom in two-wheeler segment which is partly a rural and urban play. Varroc had
grown through acquisitions in the global market. In 2012, it had bought the
US-based Visteon
Lighting for $100 million.
"My team will be
able to leverage the intellectual and infrastructural network provided by our
partners in advancing the strategic agenda of the company and create value for
all stakeholders.
The Tata
Opportunities Fund and its team of investment and operating professionals not
only bolster us financially, but also provide us a strategic springboard which
enables us to leapfrog into the next cycle of our growth," Jain, MD of
Varroc, said in the release. The company plans to list on the bourses in 3-4
years, before which some 'growth and transformational' measures will have to be
undertaken to take the company to the next level, Sinha added.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice
information has been collected from various sources including but not limited
to: The Courts, India Prisons Service, Interpol, etc.
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 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.61.87 |
|
UK
Pound |
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP
|
|
|
|
|
Analysis Done by : |
SUB
|
|
|
|
|
Report Prepared by
: |
SMN
|
SCORE & RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--
PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.