MIRA
INFORM REPORT
|
Report Date : |
29th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
VENUS
CORPORATION |
|
|
|
|
Registered Office : |
51 Sardar Patel Nagar, Behind Navrangupura
Telephone Exchange, Opposite Nabard Vihar, Ellisbridge, Ahmedabad – 380 006,
Gujarat, India. |
|
|
|
|
Country : |
India |
|
|
|
|
Date of Incorporation : |
1967 |
|
|
|
|
Legal Form : |
Partnership
Concern with an Unlimited Liability of Partners |
|
|
|
|
Line of Business : |
Distribution
& Marketing of Dyes & Auxiliary Chemicals in Ahmedabad. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow
but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established concern having satisfactory track. Trade relations are
fair. Payments are reported as slow but correct. However, the concern can be considered
normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office/ Administrative Office
& Works : |
51 Sardar Patel Nagar, Behind Navrangupura
Telephone Exchange, Opposite Nabard Vihar, Ellisbridge, Ahmedabad – 380 006,
Gujarat, India. |
|
Tel. No.: |
91-79-26430406/
26440406/ 26442727/ 28 |
|
Fax No.: |
91-79-26400421 |
|
Area: |
600
sq. ft. |
|
Location: |
Owned |
|
|
|
|
Godown: |
Premal
Road Transport, Ashirwad Estate, Aslali, Ahmedabad – 382 425. |
|
Tel.
No.: |
91-79-25710794 |
|
Area: |
2000
sq. ft. |
|
|
|
|
Other Office: |
64,
City Central, Near Swastic 4 Road, Navrangpura, Ahmedabad – 380 009 |
|
Tel. No.: |
91-79-26440406/
26430406 |
|
Fax No.: |
91-79-26400421 |
PARTNERS
|
Name : |
Mr.
Shah Hardik Kaushikbhai |
|
Designation : |
Managing
partner |
|
Date of Birth/Age : |
04.06.1973 |
|
Qualification : |
B.
Com. |
|
Experience : |
15
Years |
|
|
|
|
Name : |
Mr.
Shah Kaushikbhai |
|
Designation : |
Managing
Partner |
|
Date of Birth/Age : |
63
years |
|
Experience : |
45
Years |
|
|
|
|
Name : |
Mr.
Shah Darshanbhai Kaushikbhai |
|
Designation : |
Partner |
|
Date of Birth/Age : |
49
Years |
|
Experience : |
30
Years |
BUSINESS DETAILS
|
Line of Business : |
Distribution
& Marketing of Dyes & Auxiliary Chemicals in Ahmedabad. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash
& Credit (4 – 6 Months) |
|
|
|
|
Purchasing : |
Cash
& Credit (30 Days) |
GENERAL
INFORMATION
|
No. of Employees : |
6 |
|
|
|
|
Bankers : |
Citi
Bank, C. G. Road Branch, Ahmedabad – 380 006. |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Distributors: |
v
Jaysynth
Impex Limited – Mumbai v
Arlabs
Limited – Mumbai] v
Sarex
Overseas – Mumbai v
Rossari
Biotech – Mumbai v
Zydex
Industries – Baroda v
Pidilite
Industries Limited – Mumbai v
Maps
(India) Limited – Ahmedabad Negotiations
are under progress with ICI India Limited – for getting their Distributorship
for Ahmedabad. |
|
|
|
|
Associates: |
M/s.
A. Venus |
|
Year of Establishment: |
1990 |
|
Legal Form: |
A
Family Partnership |
|
Line of business: |
Loan
trading, Mainly for C- from, etc |
|
|
|
|
Associates: |
M/s.
All Four Seans Travels |
|
Year of Establishment: |
1995 |
|
Managing Director: |
Mr.
Shah Darshanbhai Kaushikbhai |
|
Date of Birth/Age : |
49
Years |
|
Experience : |
30
Years |
|
Chief Executive Officers: |
Mr.
Ujwal Sutaria |
|
|
|
|
Associates: |
All
Four Season Travels |
|
Address: |
51 Sardar Patel Nagar, Behind Navrangupura
Telephone Exchange, Opposite Nabard Vihar, Ellisbridge, Ahmedabad – 380 006,
Gujarat, India. |
|
Tel. No.: |
91-79-26430406/
26440406 |
|
Website: |
|
|
Line of business: |
International
and Domestic Air Ticketing Hotel Booking Incentive
Tours and Conferences Car Rentals Passport
& Visa Arrangement. |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
25.000 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
25.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
|
|
31.03.2006 |
|
Sales Turnover |
|
|
65.000 |
Average
Stock maintained: Rs. 3.000 to 4.000 Millions for 15 days.
LOCAL AGENCY
FURTHER INFORMATION
Subject
Markets about 40 to 50 tpm., in Ahmedabad
While
interviewed, the Managing partner Mr. Patel Haribhai Bechardas, showed optimism
in their venture and claims to have bright business prospects for the coming
year.
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.46.40 |
|
UK
Pound |
1 |
Rs.84.50 |
|
Euro |
1 |
Rs.58.32 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |