MIRA
INFORM REPORT
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Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SREE VISHNU MAGNETICS PRIVATE LIMITED |
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Registered Office : |
Unit Nos. 1 & 2, Block II, SIDCO Electronics Complex, Guindy Industrial
Estate, Chennai – 600032, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.03.2003 |
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Com. Reg. No.: |
18-50543 |
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CIN No.: [Company
Identification No.] |
U31909TN2003PTC050543 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES22624A |
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PAN No.: [Permanent
Account No.] |
AAHCS3214N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Coils and Transformers |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 16000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Unit Nos. 1 & 2, Block II, SIDCO Electronics Complex, Guindy
Industrial Estate, Chennai – 600032, Tamilnadu, India |
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Tel. No.: |
91-44-24336977 |
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Mobile No.: |
91-9941901266 |
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Fax No.: |
91-44-22501859 |
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E-Mail : |
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Website : |
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Factory : |
S No. 9/1, Thiruvalluvar S Kancheepuram Guduvanchery, Chennai –
603202, Tamilnadu, India |
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Tel. No.: |
91-44-27438531 / 27438532 |
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Fax No.: |
91-44-27438522 |
DIRECTORS
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Name : |
Mr. Meka Ram Prasad |
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Designation : |
Director |
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Address : |
No. 7, Old No. 4, Gandhi Street, Kaveri Nagar, Chennai – 600015,
Tamilnadu, India |
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Date of Birth/Age : |
10.06.1961 |
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Date of Appointment : |
20.03.2003 |
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Name : |
Mrs. Meka Hemalatha |
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Designation : |
Director |
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Address : |
No. 7, Old No. 4, Gandhi Street, Kaveri Nagar, Chennai – 600015,
Tamilnadu, India |
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Date of Birth/Age : |
02.06.1963 |
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Date of Appointment : |
20.03.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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M. Ram Prasad |
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10000 |
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M. Hemalatha |
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10000 |
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Total |
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20000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Coils and Transformers |
GENERAL
INFORMATION
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Bankers : |
The Tamilnadu Industrial Investment Corporation Limited No. 692, Anna Salai, Ground Floor, Nandanam, Chennai – 600035,
Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A Paneer Chelvan Chartered Accountants |
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Address : |
No 735, Poonamallee High Road, Chennai – 600029, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.200
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.200 |
0.200 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.882 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.082 |
0.200 |
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LOAN FUNDS |
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1] Secured Loans |
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11.304 |
0.000 |
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2] Unsecured Loans |
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15.151 |
5.308 |
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TOTAL BORROWING |
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26.455 |
5.308 |
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DEFERRED TAX LIABILITIES |
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0.251 |
0.000 |
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TOTAL |
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30.788 |
5.508 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.298 |
0.000 |
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Capital work-in-progress |
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16.020 |
3.251 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.406 |
5.112 |
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Sundry Debtors |
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18.489 |
0.000 |
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Cash & Bank Balances |
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10.851 |
0.967 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.096 |
1.096 |
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Total
Current Assets |
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45.842 |
7.175 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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35.026 |
4.959 |
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Provisions |
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1.383 |
0.000 |
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Total
Current Liabilities |
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36.409 |
4.959 |
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Net Current Assets |
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9.433 |
2.216 |
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MISCELLANEOUS EXPENSES |
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0.037 |
0.041 |
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TOTAL |
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30.788 |
5.508 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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30.000 |
6.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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15.40 |
51.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.26 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from No. 7 & 9
Gandhi Street, Kaveri Nagar, Chennai – 600015, Tamilnadu, India to the present
address w.e.f. 01.09.2007
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10059824 |
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Corporate
identity number of the company |
U31909TN2003PTC050543 |
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Name of the
company |
SREE VISHNU MAGNETICS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Unit Nos. 1 & 2, Block II, SIDCO Electronics Complex, Guindy
Industrial Estate, Chennai – 600032, Tamilnadu, INDIA |
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Type of charge |
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Particular of
charge holder |
The Tamilnadu Industrial Investment Corporation Limited No. 692, Anna Salai, Ground Floor, Nandanam, Chennai – 600035,
Tamilnadu, India |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
05.11.2007 |
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Amount secured by
the charge |
Rs. 8.880
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan : 12.50
% p.a. or such other rate as may be stipulated from time to time Terms of
repayment The term loan of Rs.
8.880 Millions repayable in 32 quarterly installments as under : First 10 :
Installments of Rs. 0.200 millions Rs. 2.000 Millions Next 10 :
Installments of Rs. 0.275 millions Rs. 2.750 Millions Next 10 :
Installments of Rs. 0.325 millions Rs. 3.250 Millions Last 10 :
Installments of Rs. 0.440 millions Rs. 0.880 Millions Total Rs. 8.880
Millions Margin As per the
sanction order Extent operation
of the charge As per
instruments executed Other
All other terms
and conditions as per the sanction letter.
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Short particulars
of the property charged |
First charge by
way of Hypothecation over all the properties of the company including movables,
machineries spares, tools and accessories, stock in process, finished goods,
raw material intended for manufacturing purpose lying at factory at Unit 1
& 2, 21 & 22, Block II, SIDCO Estate Complex, Gunidy, Chennai 600032
and S. No. 9/1, Kannivakkam, Thiruporur Road, Guduvanchery, Kancheepuram
District - Book debts of the company, both present
and future. |
Profile
Leading manufacturers of coils and transformers in INDIA. They
are catering to the various segments , telecom, medical, consumer, computer
peripherals, etc. Product range are 1.Hi voltage transformers, coils for HI
voltage tank for X ray generator/ MRI Scanner, 2. HI current inductors for HI
voltage Generator for X ray generator/ MRI Scanner, 3. SMD transformers, chip
inductors, SMD power inductors 4. LAN Magnetics Modules. 5. DC DC converter
transformers, 6. Choke coils, common mode , surface mount , hi current power
inductors. SIGNIFICANT ADVANTAGES ARE; 1. In-House litz wire manufacturing
facility ( various construction and serving ) 2. In - House Tool rom facility
for making plastic and press tool making facility. 3.. In house plastic
injection molding facility for thermoset and thermoplastic bobbins. 4. Most cost
effective - low cost area location. 5.. Class F insualtion system
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.41 |
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UK Pound |
1 |
Rs.79.81 |
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Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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