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|
MIRA INFORM REPORT
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Report No. : |
487035 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
VARROC ENGINEERING PRIVATE LIMITED |
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Formerly Known
As : |
VARROC
ENGINEERING LIMITED |
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Registered
Office : |
L-4, MIDC, Waluj, Aurangabad – 431136, Maharashtra |
|
Tel. No.: |
91-240-6653700/ 6653600 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
11.05.1988 |
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|
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Com. Reg. No.: |
11-047335 |
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Capital
Investment / Paid-up Capital : |
INR 404.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920MH1988PTC047335 |
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IEC No.: |
0390019402 |
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GSTIN/UIN : |
Not Divulged |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AAACV2420J |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Automobile Components. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 26000000 |
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|
|
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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 incorporated in the year 1988 and it is having good track. It is engaged in manufacturing and supplying auto components. Its products include magneto, starter motors, regulators, rear view mirrors, engine valves, rubber parts, air cleaner assemblies etc. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but the documents related to the financial for the year 2017 are not available from any sources. For the financial year 2016, the company has increased its revenue from operation as compared to previous year and maintained average profitability margin of 1.13%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also reflects from its large scale of operations and long-established relationship with its customers and improvement in the revenue profile during the year. However, these rating strengths are partially offset by the company exposure to intensely competitive and dominated by large players in the auto segment. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular. In view of aforesaid, the company can be considered 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
06.10.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very Strong degree of safety and carry
lowest credit risk |
|
Date |
06.10.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (91-240-2556227 / 6653700)
LOCATIONS
|
Registered / Corporate Office / Factory 1: |
L-4, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India |
|
Tel. No.: |
91-240-6653700/ 6653600/ 2556227 |
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Fax No.: |
91-240-2564540 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No. B-24/25, MIDC Industrial Area, Chakan, Pune – 410501,
Maharashtra, India |
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|
|
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Other Factories : |
20 Factories in All over India |
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Branch Office : |
B-22 /1, Five Star, MIDC Area, Shendra, Aurangabad –
431201, Maharashtra,
India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Tarang
Nareshchandra Jain |
|
Designation : |
Managing Director |
|
Address : |
Gut No. 41 (P), Opposite
Walmi Kanchanwadi, Aurangabad Paithan Road, Aurangabad – 431105, Maharashtra,
India |
|
Date of Birth/Age : |
21.03.1962 |
|
Qualification : |
MBA Finance |
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Date of Appointment : |
11.05.1988 |
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PAN No.: |
AAXPJ4083B |
|
DIN No.: |
00027505 |
|
|
|
|
Name : |
Mr. Naresh Chandra |
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Designation : |
Director |
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Address : |
Bhagwati Bhavan, 31/B, M.L. Dahanukar Marg, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
11.02.1935 |
|
Qualification : |
Graduate in Economics |
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Date of Appointment : |
11.05.1988 |
|
PAN No.: |
AACPC7536R |
|
DIN No.: |
00027696 |
|
|
|
|
Name : |
Mr. Gautam Premnath Kahndelwal |
|
Designation : |
Director |
|
Address : |
B 2, Alaknanda, 16-A, Nepean Sea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1962 |
|
Qualification : |
B.A. (Economics) |
|
Date of Appointment : |
24.03.2011 |
|
PAN No.: |
AAGPK3440E |
|
DIN No.: |
00270717 |
|
|
|
|
Name : |
Mr. Padmanabh Sinha |
|
Designation : |
Nominee Director |
|
Address : |
1206, The Imperial, North Tower, M P Mills Compound, Tardeo, Mumbai-400034, Maharashtra, India |
|
Date of Birth/Age : |
21.02.1971 |
|
Qualification : |
BE & MBA |
|
Date of Appointment : |
27.03.2014 |
|
PAN No.: |
AAYPS0694J |
|
DIN No.: |
00101379 |
|
|
|
|
Name : |
Mr. Arjun Tarang Jain |
|
Designation : |
Whole-time Director |
|
Address : |
Gut No 41 P, Halcyon, Opposite Walmi Kanchanwadi, Paithan Road, Aurangabad – 431005, Maharashtra, India |
|
Date of Birth/Age : |
22/10/1989 |
|
Qualification : |
Bachelor in Economics and Political Science from Vassar College, Poughkeepsie, New York, USA. |
|
Date of Appointment : |
15.07.2015 |
|
PAN No.: |
AIRPJ4363N |
|
DIN No.: |
07228175 |
|
|
|
|
Name : |
Mrs. Ashwani Maheshwari |
|
Designation : |
Whole-time Director |
|
Address : |
3/8000, Nand Vatika, Near Kripal Ashram, Dehradoon Road, Saharanpur – 247001, Uttar Pradesh, India |
|
Date of Birth/Age : |
20.09.1968 |
|
Qualification : |
B. E. |
|
Date of Appointment : |
29.03.2016 |
|
PAN No.: |
ABXPM1656L |
|
DIN No.: |
07341295 |
|
|
|
|
Name : |
Vijaya Sampath |
|
Designation : |
Director |
|
Address : |
Flat No.403, Block -14, Heritage City, Mehrauli Gurgaon Road, Gurugram – 122002, Haryana, India |
|
Date of Appointment : |
20.07.2017 |
|
DIN No.: |
00641110 |
|
|
|
|
Name : |
Marc Szulewicz |
|
Designation : |
Director |
|
Address : |
21 Rue Du Docteur Blanche Paris 75016 France |
|
Date of Appointment : |
20.07.2017 |
|
DIN No.: |
01911768 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh M Darji |
|
Designation : |
Company Secretary |
|
Address : |
C/602, Royal Complex, Jay Bhavani Road,
Kasambaug, Malad (East), Mumbai – 400097, Maharashtra, India |
|
Date of Appointment : |
29.03.2016 |
|
PAN No.: |
AFRPD7254H |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Equity Shareholders |
|
No. of Shares |
|
Naresh Chandra |
|
543805 |
|
Naresh Chandra Holdings Trust (Trustee Naresh Chandra) |
|
1000000 |
|
Suman Jain |
|
154670 |
|
Suman Jain Holdings Trust (Trustee Suman Jain) |
|
1000000 |
|
Tarang Jain |
|
3529025 |
|
TJ Holdings Trust (Tarang Jain Trustee) |
|
3529025 |
|
Arjun Jain |
|
500 |
|
Dhruv Jain |
|
500 |
|
Varroc Polymers Private Limited, India |
|
852349 |
|
Omega TC Holding PTE Limited, India |
|
1691713 |
|
Tata Capital Financial Services Limited, India |
|
155204 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Naresh Chandra |
|
136878 |
|
Tarang Jain |
|
613105 |
|
Suman Jain |
|
102376 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.08.2017
|
Category |
Percentage of Holding |
|
Promoters [Individual/Hindu Undivided
Family (Indian)] |
78.08 |
|
Promoters [Others (Subsidiary Company)] |
6.92 |
|
Promoters [Bodies
corporate] |
15.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automobile Components. [Registered Activity] |
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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: (AS ON 31.03.2016)
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Magneto |
Nos |
6,423,500.00 |
4,918,601.00 |
|
Steel forged product |
M.T. |
21,815.58 |
6,287.78 |
|
Assemblies |
Nos |
8,152,800.00 |
12,894,043.30 |
|
Plastic moulded goods |
M.T. |
7,021.00 |
2,307.26 |
|
Lamps |
Nos |
18,415,000.00 |
9,708,268.00 |
|
Capacitor discharge ignitions |
Nos |
4,205,136.00 |
3,157,968.00 |
|
Starter motor assemblies |
Nos |
1,560,000.00 |
2,465,215.00 |
|
Handle Bar assembly |
Nos |
1,200,000.00 |
558,253.00 |
|
Dash board |
Nos |
1,000,000.00 |
716,518.00 |
|
Regulator rectifier |
Nos |
4,205,136.00 |
3,092,465.00 |
|
Inlet Valve |
Nos |
6,000,000.00 |
5,311,175.00 |
|
Exhaust Valve |
Nos |
6,317,149.00 |
5,316,513.00 |
|
Automobile seat assembly |
Nos |
1,979,120.00 |
820,452.00 |
|
Air filter |
Nos |
1,925,485.00 |
1,210,795.00 |
|
Crankpin |
Nos |
1,800,000.00 |
2,033,033.00 |
|
Mirror assembly |
Nos |
3,850,971.00 |
1,022,753.00 |
|
Switches |
Nos |
1,200,000.00 |
1,088,208.00 |
|
Wiper motor assembly |
Nos |
790,000.00 |
71,488.00 |
|
Radiator Fan Controller |
Nos |
--- |
--- |
|
Crank Shaft |
Nos |
170,000.00 |
37,027.00 |
|
Knuckle |
Nos |
--- |
2,800.00 |
|
Ring Gear |
Nos |
--- |
1,386.00 |
|
Spindle |
Nos |
--- |
1,412.00 |
|
Catalytic Convertor |
Nos |
2,156,260.00 |
1,148,744.00 |
|
Sensor |
Nos |
--- |
20,934.00 |
*Installed capacity as certified by the Management and relied upon by the auditors, this being a technical matter.
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
· Kotak Mahindra Bank Limited, 27BKC, C 27, G BlockBandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · Citi Bank N.A., 124, Jeevan Bharati Building, 3rd Floor, Connaught Circus, New Delhi – 111001, India |
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Facilities : |
|
|
Financial Institution : |
· Bajaj Finance Limited, Akurdi Pune, Pune – 411035, Maharashtra, India |
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|
|
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Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
7th Floor, Tower A, Wing 1, Business Bay, Airport Road Yerwada, Pune – 411006, Maharashtra, India |
|
PAN No.: |
AAHFP0187A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company (As on 2017): |
·
Varroc Japan Co. Limited |
|
|
|
|
Joint Venture (As on 2017): |
·
Chongqing Varroc TYC Auto Lamps Co. Limited,
China |
|
|
|
|
Subsidiary Company (As on 2016): |
· Varroc Polymers Private Limited, INDIA [U25209MH1995PTC090037] · Durovalves India Private Limited, India [U34300MH1997PTC105518] · Varroc Exhaust Systems Private Limited, India [U29100MH2005PTC151756] · Varroc Lighting Systems (India) Private Limited, India [U31401PN2012PTC142539] · Varroc European Holding B.V. · Aries Mentor Holding B.V. · Varroc Corp Holding B.V. · Varroc Elastomers Private Limited, India [U29190MH2005PTC157474] · Industria Meccanica E Stampaggio Sp. z.oo. · Esex Forging S.R.L. · TRI. O.M., S.p.A. · Electromures SA · TRI.O.M., Vietnam Co. Limited · Varroc Lighting Systems SRO · Varroc Lighting Systems S.De.R.L. De. C.V. · Varroc Lighting Systems GmBH. · Varroc Lighting Systems Inc. |
|
|
|
|
Joint Ventures (As on 2016): |
· Nuova CTS S.R.L · Varroc TYC Corporation British Virgin Islands · Varroc TYC Auto Lamps Co. Limited, China |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives (As on 2016): |
· Endurance Technologies Private Limited, India [L34102MH1999PLC123296] · Varroc Trading Private Limited · IMES Spa |
CAPITAL STRUCTURE
AS ON 29.08.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16500000 |
Equity Shares |
INR 10/- each |
INR 165.000 Million |
|
33500000 |
Preference Shares |
INR 10/- each |
INR 335.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12312766 |
Equity Shares |
INR 10/- each |
INR 123.128 Million |
|
2020736 |
Preference Shares |
INR 10/- each |
INR 20.207 Million |
|
|
|
|
|
|
|
Total |
|
INR 143.335
Million |
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
INR 10/- each |
INR 140.000 Million |
|
31000000 |
Preference Shares |
INR 10/- each |
INR 310.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 450.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10465851 |
Equity Shares |
INR 10/- each |
INR 104.700 Million |
|
29999980 |
Preference Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 404.700
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
404.700 |
404.700 |
404.700 |
|
(b) Reserves and Surplus |
8712.600 |
8544.600 |
8270.500 |
|
(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) |
9117.300 |
8949.300 |
8675.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2132.000 |
2104.900 |
3007.600 |
|
(b) Deferred tax liabilities (Net) |
343.500 |
295.900 |
228.000 |
|
(c) Other long-term
liabilities |
31.700 |
45.100 |
34.900 |
|
(d) long-term
provisions |
31.900 |
27.900 |
26.500 |
|
Total Non-current
Liabilities (3) |
2539.100 |
2473.800 |
3297.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1104.100 |
489.500 |
491.400 |
|
(b) Trade
payables |
2431.900 |
2130.400 |
2500.200 |
|
(c) Other
current liabilities |
1608.900 |
1345.900 |
1366.400 |
|
(d) Short-term
provisions |
206.300 |
177.300 |
210.100 |
|
Total Current
Liabilities (4) |
5351.200 |
4143.100 |
4568.100 |
|
|
|
|
|
|
TOTAL |
17007.600 |
15566.200 |
16540.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
7430.900 |
7186.000 |
5431.100 |
|
(ii)
Intangible Assets |
41.300 |
38.000 |
40.200 |
|
(iii) Tangible assets
capital work-in-progress |
443.700 |
315.000 |
2093.800 |
|
(iv)
Intangible assets under development |
6.300 |
5.700 |
6.700 |
|
(b) Non-current Investments |
4647.200 |
4666.700 |
4666.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
550.900 |
406.800 |
301.300 |
|
(e) Other
Non-current assets |
36.100 |
33.500 |
59.900 |
|
Total Non-Current
Assets |
13156.400 |
12651.700 |
12599.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
117.300 |
19.600 |
375.300 |
|
(b)
Inventories |
1638.500 |
1474.300 |
1235.100 |
|
(c) Trade
receivables |
1607.500 |
565.400 |
1505.300 |
|
(d) Cash and bank
balances |
147.300 |
184.800 |
92.400 |
|
(e)
Short-term loans and advances |
323.000 |
604.200 |
488.100 |
|
(f) Other current
assets |
17.600 |
66.200 |
244.500 |
|
Total
Current Assets |
3851.200 |
2914.500 |
3940.700 |
|
|
|
|
|
|
TOTAL |
17007.600 |
15566.200 |
16540.300 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
15639.500 |
14832.700 |
13839.400 |
|
|
Other Income |
161.500 |
168.500 |
120.700 |
|
|
TOTAL |
15801.000 |
15001.200 |
13960.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
9586.400 |
9476.000 |
9126.900 |
|
|
Purchases of
Stock-in-Trade |
651.700 |
366.800 |
270.900 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(163.800) |
(111.900) |
(154.300) |
|
|
Employee benefit expense |
1257.800 |
1103.000 |
888.900 |
|
|
CSR expenditure |
20.000 |
17.100 |
0.000 |
|
|
Other expenses |
2968.300 |
2515.200 |
2391.800 |
|
|
Exceptional items |
9.500 |
(42.900) |
81.700 |
|
|
TOTAL |
14329.900 |
13323.300 |
12605.900 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1471.100 |
1677.900 |
1354.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
436.300 |
451.400 |
466.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1034.800 |
1226.500 |
888.100 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
811.400 |
796.700 |
620.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
223.400 |
429.800 |
267.300 |
|
|
|
|
|
|
|
Less |
TAX |
47.100 |
84.800 |
5.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
176.300 |
345.000 |
261.700 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1277.800 |
1164.200 |
817.700 |
|
|
Earnings on other income |
114.500 |
86.200 |
76.400 |
|
|
TOTAL EARNINGS |
1392.300 |
1250.400 |
894.100 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
761.100 |
714.000 |
688.400 |
|
|
components and spare parts |
51.200 |
39.200 |
18.900 |
|
|
Capital Goods |
261.500 |
179.000 |
368.100 |
|
|
TOTAL IMPORTS |
1073.800 |
932.200 |
1075.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
-
Basic |
16.85 |
32.96 |
25.01 |
|
|
-
Diluted |
14.69 |
28.89 |
24.94 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
1180.400 |
1000.600 |
950.900 |
|
Net cash flows from (used in) operations |
581.000 |
1712.700 |
2140.900 |
|
Net cash flows from (used in) operating activities |
554.800 |
1612.200 |
2015.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Operating Income * 365 Days) |
398.84 |
122.99 |
405.73 |
|
|
|
|
|
|
Account Receivables Turnover (Operating Income / Sundry Debtors) |
0.92 |
2.97 |
0.90 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
86.70 |
79.00 |
97.10 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.90 |
1.14 |
1.10 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.19 |
0.22 |
0.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
0.51 |
0.47 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.48 |
0.40 |
0.51 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.59 |
0.46 |
0.53 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.87 |
0.84 |
0.87 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.37 |
3.72 |
2.91 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
1.13 |
2.33 |
1.89 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.04 |
2.22 |
1.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.93 |
3.86 |
3.02 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.72 |
0.70 |
0.86 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
0.41 |
0.35 |
0.59 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.54 |
0.57 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.91 |
8.88 |
11.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.72 |
0.70 |
0.86 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
404.700 |
404.700 |
404.700 |
|
Reserves & Surplus |
8270.500 |
8544.600 |
8712.600 |
|
Net
worth |
8675.200 |
8949.300 |
9117.300 |
|
|
|
|
|
|
Long-term borrowings |
3007.600 |
2104.900 |
2132.000 |
|
Short term borrowings |
491.400 |
489.500 |
1104.100 |
|
Current maturities of
long-term debts |
950.900 |
1000.600 |
1180.400 |
|
Total
borrowings |
4449.900 |
3595.000 |
4416.500 |
|
Debt/Equity
ratio |
0.513 |
0.402 |
0.484 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
13839.400 |
14832.700 |
15639.500 |
|
|
|
7.177 |
5.439 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
13839.400 |
14832.700 |
15639.500 |
|
Profit/(Loss) |
261.700 |
345.000 |
176.300 |
|
|
1.89
% |
2.33
% |
1.13
% |
BALANCE
SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
396.100 |
396.100 |
|
(b) Reserves and Surplus |
|
18983.300 |
15702.700 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
- Minority Interest |
|
387.600 |
369.500 |
|
Total
Shareholders’ Funds (1) + (2) |
|
19767.000 |
16468.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
6184.900 |
4643.300 |
|
(b) Deferred tax liabilities (Net) |
|
709.000 |
718.300 |
|
(c) Other long-term
liabilities |
|
216.800 |
223.300 |
|
(d) long-term
provisions |
|
854.500 |
764.300 |
|
Total Non-current
Liabilities (3) |
|
7965.200 |
6349.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
5911.700 |
2379.300 |
|
(b) Trade
payables |
|
14958.000 |
11905.100 |
|
(c) Other
current liabilities |
|
8591.600 |
9208.800 |
|
(d) Short-term
provisions |
|
522.100 |
226.000 |
|
Total Current
Liabilities (4) |
|
29983.400 |
23719.200 |
|
|
|
|
|
|
TOTAL |
|
57715.600 |
46536.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
22063.800 |
18747.100 |
|
(ii)
Intangible Assets |
|
1391.600 |
1298.500 |
|
(iii) Tangible assets
capital work-in-progress |
|
2622.900 |
1815.000 |
|
(iv)
Intangible assets under development |
|
56.000 |
114.500 |
|
(b) Non-current Investments |
|
10.300 |
10.200 |
|
(c) Deferred tax assets (net) |
|
215.100 |
53.500 |
|
(d)
Long-term loans and advances |
|
1106.000 |
850.900 |
|
(e) Other
Non-current assets |
|
843.300 |
343.200 |
|
Total Non-Current
Assets |
|
28309.000 |
23232.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
117.300 |
218.000 |
|
(b)
Inventories |
|
12003.700 |
9463.300 |
|
(c) Trade
receivables |
|
12275.600 |
10319.200 |
|
(d) Cash and bank
balances |
|
2299.400 |
1211.300 |
|
(e)
Short-term loans and advances |
|
2020.300 |
1905.100 |
|
(f) Other
current assets |
|
690.300 |
186.900 |
|
Total
Current Assets |
|
29406.600 |
23303.800 |
|
|
|
|
|
|
TOTAL |
|
57715.600 |
46536.700 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
83481.500 |
69705.100 |
|
|
|
Other Income |
|
244.000 |
513.700 |
|
|
|
TOTAL |
|
83725.500 |
70218.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
51916.000 |
40876.300 |
|
|
|
Purchases of Stock-in-Trade |
|
2661.400 |
2063.200 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(1655.000) |
(1111.400) |
|
|
|
Employees benefits expense |
|
10868.400 |
9930.800 |
|
|
|
Other expenses |
|
13458.300 |
11605.200 |
|
|
|
CSR Expenditure |
|
30.700 |
25.100 |
|
|
|
Exceptional Items |
|
(398.500) |
(351.000) |
|
|
|
TOTAL |
|
76881.300 |
63038.200 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
6844.200 |
7180.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
863.500 |
1030.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
5980.700 |
6150.300 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
3037.500 |
2624.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
|
2943.200 |
3526.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
471.400 |
449.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS) FOR
PERIOD FROM CONTINUING OPERATIONS |
|
2471.800 |
3076.500 |
|
|
|
|
|
|
|
|
|
Less |
MINORITY INTEREST |
|
16.700 |
38.100 |
|
|
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
|
2455.100 |
3038.400 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (INR) |
|
|
|
|
|
|
-
Basic |
|
255.38 |
298.37 |
|
|
|
-
Diluted |
|
220.26 |
259.60 |
|
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 |
No |
|
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 |
No |
|
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 |
UNSECURED LOANS:
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred sales tax loan |
176.500 |
218.900 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
320.000 |
0.000 |
|
Term loans from others |
400.000 |
0.000 |
|
|
|
|
|
Total |
896.500 |
218.900 |
GENERAL INFORMATION (As on 2016):
The company is engaged in the business of manufacturing of Automobile components. The Company has 9 manufacturing plants, 3 research and development centres, 3 wind power and 1 solar power projects in India and caters to customers both in the domestic and international markets. The Company through acquisitions set up 3 subsidiaries in the Netherlands and has step down subsidiaries in the USA, Mexico, Germany, Italy, Vietnam, Romania, Czech Republic and a joint venture in China. These subsidiaries cater to the two wheeler and four wheeler customers.
FINANCIAL PERFORMANCE – STANDALONE (As on 2016):
During the year, Net Sales and Other Income of your Company have increased by 5.08% to INR 15801.000 Million as compared to INR 15001.200 Million in the previous year. The Company has recorded a 9.74% increase in Export revenue to INR 1407.800 Million as compared to INR 1282.800 Million in the previous year. The EBIDTA has decreased by 10.43% to INR 1480.600 Million in comparison to the last year’s figure of INR 1635.000 Million mainly on account of lower than budgeted sales and increase in fixed cost. There was also decline in Net Profit after Tax by 51.1% to INR 176.300 Million as against INR 345.000 Million in the previous year. The Finance cost has decreased by 3.35% to INR 436.300 Million as against INR 451.400 Million in the previous year.
INDUSTRY OUTLOOK AND BUSINESS OVERVIEW (As
on 2016):
(I) AUTOMOBILE INDUSTRY LANDSCAPE
GLOBAL SCENARIO
At global level in 2015, record sales in the U.S. gave the sector a much-needed boost, but the slowdown in the China market led to a flat year overall, dampening prospects for global automakers and suppliers. However, Companies in advanced markets continued to invest, in future technologies such as electric cars, driver less cars and vision based lighting systems.
In North America U.S. markets are peaking at historic levels, setting a sales record of just under 17.5 million vehicles in 2015, up 5.7 percent from the year before and topping the high-water mark of 17,402,486 in 2000. On the other hand, Mexican auto sales continue to be bullish at more than 1.3 million units, and expected to surpass 1.5 million by 2021. Automakers and suppliers thus continue to invest and expand capacities in Mexico as it is seen to be a favorable export hub. In European Union, new car registrations risen 9.3 percent year-on-year, to 12.6 million units, though well below the record 2007 sales of 18 million vehicles. Automakers in some of the E.U. nations struggling to grow their economies notably France, Greece, Spain, Italy, and Portugal face losses or low profits, due to fragmented markets, and the inefficiencies of model proliferation. Uncertainties due to exit of Britain from EU will continue.
Emerging markets continued to underperform. While Indias sales remained roughly flat in 2015, Chinas year-over-year growth slowed to 7.3 % from a 10 % gain in 2014. New vehicle ownership restrictions in Chinas largest cities will further curtail sales in the coming years. Russia had its second straight year of precipitous decline in 2015; sales were almost 50 percent below the 2012 peak. And Brazil’s sales fell by nearly 1.3 million units, or 30 %, from its record high in 2012. Over the next five years, the Middle East and Africa, is likely see strong and consistent automobile sales growth, the biggest improvements are expected in Iran, Egypt, South Africa, and Nigeria.
Global growth rates are expected to be around 3%, however lighting industry is expected to grow at a slightly higher rate of 5-6% due to content addition. Varroc has the requisite technologies to take advantage of such content addition by its customers. It is also adequately de-risked geographically to face the challenges from regional market variations. Besides, it is also investing in smart lighting technologies in the global market to support its customers and maintain market share. Focus continues to be on acquiring footprint in Brazil and making an entry into Japanese OEMs.
DOMESTIC SCENARIO AND FUTURE OUTLOOK (As on
2016):
The automobile industry is showing signs of revival with growth across key segments over the past year as FY 2015-16 has shown evident improvement with an overall growth of 3.78%. In two wheeler segment, scooter sales continued to remain strong registering 11.79% growth, however motorcycles and mopeds saw marginal decline with 0.24% and 3.32% drop in sales, respectively, resulting in total growth of 3.01% in the two-wheeler business segment. A poor monsoon in the past year did not help improve the already depressed rural demand for two wheelers which impacted motorcycle sales. In FY 2015-16, passenger car and utility vehicle sales were up 7.87 % and 6.25 % respectively, pushing overall passenger vehicle sales up by 7.24 %. In FY 2015-16, M&HCVs have grown 29.91 % due to revival of construction and road building activities as well as mining activities. With recovery of LCV segment as well which posted a marginal growth of 0.30% growth, the overall CV sales registered a net increase of 11.51%. In three wheeler category passenger carrier witnessed a steady increase of 2.11%, however decline in goods carrier segment by 3.62% has diluted the overall three wheeler segment growth to a marginal 1.03%.
BUSINESS OVERVIEW (As on 2016):
The Company along with its subsidiaries and associate entities (Group) is a global manufacturer and supplier of automotive components headquartered in Aurangabad, India. With a Group turnover of INR 83480.000 million in 2015-16, Varroc has established itself as one of the leading component suppliers in India and a preferred exterior lighting systems supplier in the world today. Today Varroc Group employs close to 13,500 people and operates 35 manufacturing facilities, 11 engineering centres in 10 countries across the world. Varroc caters to all segments of the automotive and allied markets such as two and three wheelers, passenger cars, commercial vehicles and off road segments.
Varroc Lighting Systems, (VLS), headquartered out of Detroit, U.S.A. is a leading global supplier of exterior lighting for passenger cars and has manufacturing plants in located in Mexico, Czech Republic, China and India, supported by 7 engineering centres. VLS supplies advanced lighting technologies such as LED projector headlamps, Matrix headlamps, Adaptive front lighting systems, day time running lamps and innovative signature and LED rear lamps to them. Varroc also owns Triom, the leading exterior lighting supplier to two wheeled vehicles in Europe.
The domestic business in India consists of four divisions operated out of 23 plants and 4 engineering centres, spanning all three automotive hubs and caters to largely the two wheeler segment. The Group has diversified product portfolio consisting of assemblies in the areas of electrical, electronics, polymer, metallic and lighting systems.
Varroc Group is bullish on growth in both domestic and international markets and believes in differentiating itself by its intense customer relationships, product development capabilities and manufacturing excellence. It is investing heavily in R&D to grow its domestic business while relying on its fiscal prudence and management capabilities to penetrate its advanced passenger car lighting systems in the international business.
AWARDS AND
ACCOLADES (As on 2016):
In recognition of contribution made to the Industry and nation, the company feels proud to inform about awards and accolades received from prestigious industry bodies, institutions and government authorities by the Company and its Indian subsidiaries as under.
|
AWARDED BY |
AWARD TITLE |
|
Indian Merchant Chambers by the hands of Chief Minister of Maharashtra |
Emerging Manufacturing Giant Make in Maharashtra & Make in India initiative. Carving a special niche in automotive component industry |
|
Clean & Green India jointly with SingEX, Singapore and Franchise India, co promoted by Times Now and supervised by Earnest & Young |
Environmental Youth of the Year Clean & Green India |
|
Confederation of Indian Industry - TPM Club |
Innovative Kaizen Category |
|
Quality Circle forum of India |
Quality excellence |
|
Japan Institute of Plant Maintenance (JIPM) |
TPM Excellence |
|
Honda Motorcycle & Scooter India Private Limited |
QCD Competitiveness appreciation & Spare Parts Cost Competitiveness |
|
Yamaha Motor India |
Excellence for Delivery |
|
Tata Toyo Radiator |
Recognition Award for Overall Outstanding performance in Quality |
|
Danfoss |
Best supplier in Quality and Delivery |
|
Royal Enfield |
Long Standing Association-Support in Supplies and Launch |
|
Ashok Leyland |
New Product Development |
|
MAHLE BEHR India |
Excellence in Delivery Performance & 1st Runner Up Excellence in Quality |
NOTE: The Registered
Office of the company has been shifted from E-4, MIDC, Waluj, Aurangabad –
431136, Maharashtra, India to the present address w.e.f. 01.12.2013
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G47205240 |
100106995 |
IDBI TRUSTEESHIP SERVICES LIMITED |
26/05/2017 |
- |
- |
800000000.0 |
ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
2 |
G37644309 |
100081419 |
AXIS BANK LIMITED |
10/02/2017 |
- |
- |
1125000000.0 |
2ND FLOOR, RED FORT CAPITAL PARSVANATH TOWER,BHAI VEER SINGH MARG, GOLE MARKET,NEW DELHIDL110001IN |
|
3 |
G11753167 |
100049715 |
KOTAK MAHINDRA BANK LIMITED |
12/09/2016 |
- |
- |
500000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E), MUMBAIMA400051IN |
|
4 |
G11754926 |
100049717 |
KOTAK MAHINDRA BANK LIMITED |
12/09/2016 |
- |
- |
500000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E), MUMBAIMA400051IN |
|
5 |
G04951455 |
100030596 |
CITI BANK N.A. |
12/05/2016 |
- |
- |
150000000.0 |
124, JEEVAN BHARATI BUILDING, 3RD FLOOR,CONNAUGHT CIRCUSNEW DELHIDL111001IN |
|
6 |
G02531606 |
100023745 |
CITI BANK N.A. |
05/04/2016 |
- |
- |
500000000.0 |
124, JEEVAN BHARATI BUILDING, 3RD FLOOR,CONNAUGHT CIRCUSNEW DELHIDL111001IN |
|
7 |
G01197631 |
100018555 |
CITI BANK N.A. |
04/03/2016 |
- |
- |
500000000.0 |
124, JEEVAN BHARATI BUILDING, 3RD FLOOR,CONNAUGHT CIRCUSNEW DELHIDL111001IN |
|
8 |
C61597340 |
10585772 |
BAJAJ FINANCE LIMITED |
12/08/2015 |
- |
- |
500000000.0 |
AKURDIPUNE MH411035IN |
|
9 |
B62023601 |
10386278 |
STANDARD CHARTERED BANK |
23/10/2012 |
- |
- |
500000000.0 |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, DELHI – 110035 DELHIDL110035IN |
|
10 |
G46985883 |
10366515 |
ICICI BANK LTD. ACTING THROUGH ITS BAHARAIN BRANCH |
23/07/2012 |
11/06/2017 |
- |
578200000.0 |
SUITE 15, PART 3, MUNCIPALITY NO.116, BUILDING NO. 114, GOVERNMENT AVENUE MANAMA MH431136IN |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.77 |
|
|
1 |
INR 89.20 |
|
Euro |
1 |
INR 78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.