MIRA INFORM REPORT
|
Report No. : |
350194 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
VARROC POLYMERS PRIVATE LIMITED (w.e.f. 18.04.2007) |
|
|
|
|
Formerly Known
As : |
MOULDCRAFT (HINDUSTAN) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gut No.99, Village Pharola, Taluka Paithan, Aurangabad – 431105,
Maharashtra |
|
Tel. No.: |
91-240-6653700 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.06.1995 |
|
|
|
|
Com. Reg. No.: |
11-090037 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.37.926 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1995PTC090037 |
|
|
|
|
IEC No.: |
0395044308 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABPM2508F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing of Automobile components |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
|
Comments : |
Subject was incorporated in the year 1995 and it is engaged in
manufacturing polymer-based automobile components. Its products include body
parts and seat assemblies. For the financial year ended 2014, company has reported 10.40% sales
turnover growth as compared to previous sales turnover and it has maintained
average profitability margins at 1.64% during the year under a review. Rating continue to reflect the company’s established position in the automotive
components business supported by its well-diversified revenue profile in
terms of products and geographies, and adequate financial profile, along with large
networth and large networth and adequate debt protection metrics. However, rating strength is partially offset by company’s exposure to
intense competition in the global lighting systems business and working
capital intense nature of business operations. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. Note: 23 AC Documents for the financial year 2015 are not available
from any sources. |
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
10.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
10.07.2014 |
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
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON COOPERATIVE (91-240-6653700)
LOCATIONS
|
Registered Office : |
Gut No.99, Village Pharola, Taluka Paithan, Aurangabad – 431105,
Maharashtra, India |
|
Tel. No.: |
91-240-6653700 |
|
Fax No.: |
91-240-2564540 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
E-88, MIDC Ranjangaon, Taluka Shirur, District Pune - 412220,
Maharashtra, India |
|
Tel. No. : |
91-2138-232738 |
|
Fax No. : |
91-2138-232788 |
|
E-Mail : |
DIRECTORS
AS ON 06.08.2014
|
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 : |
28.06.1995 |
|
DIN No.: |
00027696 |
|
PAN No.: |
AACPC7536R |
|
|
|
|
Name : |
Mr. Tarang Naresh Jain |
|
Designation : |
Managing Director |
|
Address : |
Gut No. 41 (P), Opposite Walmi, Kachanwadi, |
|
Date of Birth/Age : |
21.03.1962 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
00027505 |
|
PAN No.: |
AAXPJ4083B |
|
|
|
|
Name : |
Mr. Gautam Premnath Khandelwal |
|
Designation : |
Director |
|
Address : |
B-2, Alaknanda, 16-A, |
|
Date of Birth/Age : |
01.04.1962 |
|
Date of Appointment : |
23.07.2011 |
|
DIN No.: |
00270717 |
|
|
|
|
Name : |
Mr. Ramnathan Nagarajan |
|
Designation : |
Whole time director |
|
Address : |
2 Medha Apartment, Mayur Vihar, Phase – 1, Delhi – 110091, India |
|
Date of Birth/Age : |
03.02.1958 |
|
Date of Appointment : |
06.08.2012 |
|
DIN No.: |
00815951 |
|
PAN No.: |
ACKPN3138Q |
|
|
|
|
Name : |
Mr. Padmanabh Sinha |
|
Designation : |
Director |
|
Address : |
23, Maker tower, Cuffee Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
21.02.1971 |
|
Date of Appointment : |
27.03.2014 |
|
DIN No.: |
00101379 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Ghatiya |
|
Designation : |
Company Secretary |
|
Address : |
At Floor, G-404, G – Building, Kasliwal Marvel Beed By Pass,
Aurangabad - 431 005, Maharashtra, India
|
|
Date of Birth/Age : |
09.03.1980 |
|
Date of Appointment : |
01.01.2005 |
|
PAN No: |
AGDPG4089J |
MAJOR SHAREHOLDERS
AS ON 06.08.2014
|
Names of Shareholders |
No. of Shares |
|
National Securities Depository Limited * |
3263503* |
|
Varroc Engineering Private Limited |
529100 |
|
Total |
3792603 |
|
Names of Shareholders [National
Securities Depository Limited *] |
|
No. of Shares |
|
Naresh Chandra |
|
342101 |
|
Naresh Chandra |
|
182601 |
|
Naresh Chandra |
|
4500 |
|
Suman Jain |
|
343000 |
|
Suman Jain |
|
78400 |
|
Tarang Jain |
|
1901501 |
|
Tarang Jain |
|
406900 |
|
Tarang Jain |
|
4500 |
|
Total |
|
3263503 |
Equity Share Break up (Percentage of Total Equity)
AS ON 06.08.2014
|
Category |
Percentage |
|
Bodies corporate |
13.95 |
|
Directors or relatives of Directors |
86.05 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing of Automobile components |
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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 : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Banking
Relations : |
The Maharashtra State Financial Corporation, New Wxcelsior Building, A.K. Nayak Marg; Fort, Mumbai, Maharashtra, India |
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|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
|
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAHFP0187A |
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
Enterprises
which are owned, or have
significant influence of or
are partners with Key
management personnel and
their relatives : |
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|
|
|
|
Joint venture: |
[U34300PN2007PTC131148] |
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|
Subsidiary
company : |
(U29190MH2005PTC157474) |
CAPITAL STRUCTURE
After 06.08.2014
Authorised Capital : Rs. 45.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 5.291
Million
AS ON 06.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs. 45.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3792603 |
Equity Shares |
Rs.10/- each |
Rs. 37.926
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
37.926 |
32.635 |
32.635 |
|
(b) Reserves &
Surplus |
3379.952 |
2720.575 |
2269.76 |
|
(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) |
3417.878 |
2753.210 |
2302.395 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
274.522 |
399.454 |
540.518 |
|
(b) Deferred tax
liabilities (Net) |
156.100 |
143.500 |
131.500 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
16.384 |
16.431 |
9.900 |
|
Total Non-current
Liabilities (3) |
447.006 |
559.385 |
681.918 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
72.562 |
119.425 |
308.353 |
|
(b) Trade payables |
1859.187 |
1292.183 |
1267.822 |
|
(c) Other current
liabilities |
802.225 |
633.271 |
502.834 |
|
(d) Short-term provisions |
22.838 |
46.321 |
30.235 |
|
Total Current Liabilities
(4) |
2756.812 |
2091.200 |
2109.244 |
|
|
|
|
|
|
TOTAL |
6621.696 |
5403.795 |
5093.557 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2797.203 |
2563.555 |
2306.645 |
|
(ii) Intangible Assets |
23.908 |
19.872 |
15.101 |
|
(iii) Capital
work-in-progress |
245.688 |
211.349 |
211.273 |
|
(iv) Intangible assets
under development |
2.486 |
0.966 |
4.093 |
|
(b) Non-current
Investments |
314.845 |
315.130 |
308.825 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
157.518 |
132.154 |
65.070 |
|
(e) Other Non-current
assets |
0.061 |
1.446 |
0.000 |
|
Total Non-Current Assets |
3541.709 |
3244.472 |
2911.007 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
230.247 |
0.000 |
282.580 |
|
(b) Inventories |
903.256 |
560.304 |
438.077 |
|
(c) Trade receivables |
1696.024 |
1392.605 |
1273.106 |
|
(d) Cash and cash
equivalents |
65.424 |
39.232 |
119.304 |
|
(e) Short-term loans and
advances |
184.021 |
165.393 |
66.543 |
|
(f) Other current assets |
1.015 |
1.789 |
2.940 |
|
Total Current Assets |
3079.987 |
2159.323 |
2182.550 |
|
|
|
|
|
|
TOTAL |
6621.696 |
5403.795 |
5093.557 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL
(A) |
10196.300 |
9230.900 |
8673.700 |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES (B) |
9622.300 |
8480.900 |
7841.600 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
573.700 |
750.000 |
832.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
66.600 |
91.100 |
88.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
507.100 |
658.900 |
744.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
335.800 |
300.700 |
239.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
171.300 |
358.200 |
504.200 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
3.500 |
(95.500) |
151.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
167.800 |
453.700 |
352.500 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
1472.600 |
1082.200 |
783.900 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
16.800 |
45.400 |
35.300 |
|
|
Dividend |
0.000 |
1.600 |
2.600 |
|
|
Tax on Dividend |
8.200 |
16.300 |
16.300 |
|
|
Balance
Carried to the B/S |
1615.400 |
1472.600 |
1082.200 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
44.24 |
12.05 |
92.94 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
175.126 |
219.591 |
211.593 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
649.273 |
674.114 |
805.919 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
1.65 |
4.92 |
4.06 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/ Total Income) |
(%) |
5.63 |
8.12 |
9.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.83 |
7.35 |
11.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.13 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.15 |
0.27 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.03 |
1.03 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
32.635 |
32.635 |
37.926 |
|
Reserves & Surplus |
2269.760 |
2720.575 |
3379.952 |
|
Net worth |
2302.395 |
2753.210 |
3417.878 |
|
|
|
|
|
|
Long-term borrowings |
540.518 |
399.454 |
274.522 |
|
Short term borrowings |
308.353 |
119.425 |
72.562 |
|
Current Maturities Of
Long-Term Debts |
211.593 |
219.591 |
175.126 |
|
Total borrowings |
1060.464 |
738.470 |
522.210 |
|
Debt/Equity ratio |
0.461 |
0.268 |
0.153 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
8673.700 |
9230.900 |
10196.300 |
|
|
|
6.424 |
10.458 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
8673.700 |
9230.900 |
10196.300 |
|
Profit |
352.500 |
453.700 |
167.800 |
|
|
4.06% |
4.92% |
1.65% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE
Net Sales and Other
Income rose by 10.46% to Rs. 10196.300 Million from Rs.9230.900 Millions in the
previous year. The total expenses were higher by 13% at Rs. 10025.000 Million
against Rs. 8872.700 Million during last year. However, PBT was substantially down
by more than 70% to Rs.171.300 Million from Rs. 579.400 Million during last
year due to some of the non-recurring one-time income and expenditure. PAT
decreased by more than 63% to Rs. 167.800 Million from Rs. 453.700 Million in
the last year due to non-recurring exceptional items.
ECONOMIC AND INDUSTRIAL OUTLOOK
Bigger economies
like U.S.A. and U.K. are recovering gradually from the economic slowdown but
others including most of EU countries are still struggling. Recent political
instabilities in central and western Asia region have only added to the
worries.
Indian automotive industry has been in the
middle of a slowdown over the past two years, hit hard by poor economic growth,
high interest rates and rising fuel prices and witnessed a very tough year
2012-13. Commercial vehicle sales in year 2013-14 have declined to a negative
growth of (-)20%; cars and utility vehicles to (-)6%. The motorcycle segment
has grown 3% whereas the only real growth segment has been the scooter segment
which has grown (+)21%.A new worry appears to be firming up for the industry in
the form of monsoons as the weather department has said rains will be below
average this season. Two-wheelers and small cars would be the categories that
would certainly be impacted from poor rains, and companies are hoping that the
monsoon picks pace even though it is delayed. A change in government at the
Centre and entry of a stable regime has given hope to the industry which feels
that economic reforms may lead to a revival in fortunes. However, as per the
industry experts, the efforts of the new government will likely to take full
effect in the second half of the year. Continuation of cut in excise duty that
was announced in the vote-on-account presented by the previous UPA regime is a
welcome move by the new Government.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment liabilities |
159.185 |
172.983 |
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loan from others |
0.000 |
60.000 |
|
Total |
159.185 |
232.984 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10259068 |
27/12/2010 |
420,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE
BRANCH, 14, MUMBAI PUNE ROAD, WAKDEWADI, PUNE, MAHARASHTRA - 411003,
INDIA |
B02180065 |
|
2 |
10255958 |
27/12/2010 * |
20,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B02266427 |
|
3 |
10133279 |
07/08/2014 * |
230,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C19300672 |
|
4 |
10131096 |
14/11/2008 |
50,000,000.00 |
CITI BANK N.A. |
PARMAR HOUSE, 2413,
EAST STREET, CAMP,PUNE, MAHARASHTRA - 411004, INDIA |
A51392926 |
|
5 |
10133281 |
20/11/2010 * |
230,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A99605156 |
|
6 |
10131021 |
28/05/2012 * |
205,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE
BRANCH, 14, PUNE - MUMBAI ROAD, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B40994899 |
|
7 |
90158083 |
14/11/2008 * |
107,500,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
STATION ROAD,,
AURANGABAD, MAHARASHTRA - 431001, INDIA |
A51349520 |
|
8 |
90155254 |
13/11/2001 * |
65,500,000.00 |
BHARAT OVERSEAS
BANK LIMITED |
NIRALA BAZAR BR., AURANGABAD,
MAHARASHTRA, INDIA |
- |
|
9 |
90156402 |
30/08/1996 |
24,000,000.00 |
THE MAHARSTRA STATE
FINANCIAL CORPORAITON |
NEW WXCELSIOR
BUILDING, A.K. NAYAK MARG; FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
CONTINGENT LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Claims against company not acknowledged as debt |
27.567 |
18.232 |
|
Guarantees |
3596.014 |
6373.940 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Factory equipment’s
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipment’s
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 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.66.17 |
|
UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.