MIRA INFORM REPORT
|
Report
Date : |
15.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
VASANTH
AND COMPANY |
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Registered
Office : |
11,
Railway Border 1, St. Kaveri Nagar, Saidapet, Chennai – 600015, Tamilnadu,
India |
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Country
: |
India |
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Financial
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
Over 25 years back |
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TAN No.: [Tax Deduction & Collection Account No.] |
CHEV02226A |
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Legal
Form : |
Sole Proprietorship Concern |
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Line
of Business : |
Traders, Importers, Dealers and Distributors for household
articles and consumer goods of every kind and brand. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
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 |
|
Maximum
Credit Limit : |
USD
2000000 |
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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 a well established and reputed concern having
fine track. Trade relations are fair. Payments are corret and as per
commitments. The concern can be considered good for any normal business
dealing at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
11,
Railway Border 1, St. Kaveri Nagar, Saidapet, Chennai – 600015, Tamilnadu,
India |
|
Tel.
No.: |
91-44-52010550/660/880 |
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Fax
No.: |
91-44-24334707 |
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E-Mail
: |
micvasanth@yahoo.com |
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Showrooms
: |
Vasanth and Company, Shanmugam Road, Tambaram, Chennai-600045 Tel No. 91 23266249 Vasanth and Company, 8, Main Road, Pallavaram Tel No. 91 22641069 Vasanth and Company 8, South Usman Road, T Nagar, Chennai-600017 Tel No. 91 24345464 Vasanth and Company 108, Kutcheri Road, Mylapore, Chennai-600004 Tel No. 91 24616792 Vasanth and Company 20, Arcot Road, Kodambakkam, Chennai – 600024 Tel No. 91 24800709 Vasanth and Company 4, Padmanabha Nagar, Adyar, Chennai 600020 Tel No. 91 24915825 Vasanth and Company 113, Kutchery Road, Mylapore, Chennai 600004, Tel No. 91 24980148 Vasanth and Company T H Road, Washermanpet, Chennai – 600021 Tel No. 91 25952861 Vasanth and Company 874, MTH Road, Padi, Chennai- 600050, Tel No. 91 26243593 Vasanth and Company 191, Puraswallkam High Road, Puraswalkkam, Chennai 600007 Tel No. 91 26422059 Vasanth and Company 67 Valluvar Kottam Salai, Chennai 600034, Tel No. 91 28216253 Vasanth and Company 37/1, North Usman Road, T Nagar, Chennai Tel No. 91 283440312 Vasanth and Company Poonamalee High Road, Kielpauk, Chennai 600010 Apart from this they have show rooms in other suburbs and
in almost every south Indian Town like: Salem Coimbatore Vellore Madurai Kanchipuram Tiruvelveli Tuticorin Nagercoil Virudhunagar Pollachi Bangalore |
SOLE PROPRIETOR
|
Name : |
Mr. H Vasanthakumar He is the Tamilnadu Congress committee general secretary.
He Stood for the Mayor of Madras election and lost to Mr M K Stalin, son of
Mr K Karunanidhi. He has been with the congress party in India for over 25
years and was a staunch supporter of the late Mrs Indira Gandhi and now Mrs
Sonia Gandhi. In fac his whole family has sworn allegiance to the ruling
party in India. He is deeply involved in the party work in South India and
has a very big clout at the central level in Delhi. |
BUSINESS DETAILS
|
Line
of Business : |
Traders, Importers, Dealers and Distributors for household
articles and consumer goods of every kind and brand. |
|
|
|
|
Products
: |
Household Articles and Consumer Goods |
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|
|
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Brand
Names : |
v Samsung v LG v TCL v Sumeet v Whirlpool v TVS v Sony v National v Sharp v Philips v Solidaire v Onida v Sowbagya v Preethi v ELGI |
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Imports
from : |
Korea, Singapore and China (Household goods and Consumer goods) |
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GENERAL INFORMATION
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No. of
Employees : |
50 |
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Bankers
: |
Canara Bank Saidapet Branch Chennai- 600015 |
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Facilities : |
Nil |
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Banking Relations : |
-- |
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CAPITAL STRUCTURE
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Capital
Investment : |
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|
Owned : |
Rs.500.000 million |
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Borrowed : |
-- |
|
Total : |
Rs.500.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2005 |
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Sales
Turnover |
|
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All the Branches together net over
2500 million |
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LOCAL AGENCY FURTHER INFORMATION
Other Information:
The above firm needs no introduction to anyone in South
India. A resident of Chennai would have visited this showroom at least once.
The firm deals in household goods, consumer goods, furniture, beddings, plastic
articles, all types of stainless steel goods, brass goods, fancy articles,
fridges, micro-ovens, washing machines, grinders, mixies, hot plates, gas
stoves, juicers, dinner sets, steel wear, non stick pans, non stick cookware,
kitchen towels, cutlery and crockery, glass ware, melamine wear, non stick
pans, non stick cookware, heatersm plastic bathroom fittings, floor mats,
durries, mops of every kind, house keeping articles, brushes, brooms of every
kind, towels for all kitchen utilities, grinders with 110 kv arrangement for
NRIs, knives of every kind, ropes for multi utility, and type of house hold
goods and many more items.
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.45.01 |
|
UK Pound |
1 |
Rs.84.91 |
|
Euro |
1 |
Rs.57.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
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|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
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 |
|
|
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--BANK
CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
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--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
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 |