MIRA
INFORM REPORT
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Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
VASANTH AND
COMPANY |
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Registered
Office : |
11, Railway
Border 1, St. Kaveri Nagar, Saidapet, Chennai – 600015, Tamilnadu |
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Country : |
India |
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Financial (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
1982 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
CHEV02226A |
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Legal Form : |
Sole Proprietory
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
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 correct and as per commitments. The concern can be
considered good for any normal business dealing at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
14, Railway
Border 1st street, Kaveri Nagar, Saidapet, Chennai – 600015,
Tamilnadu, India |
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Tel. No.: |
91-44-42010550/660/880
/ 42867550 / 24331501 / 24334708 |
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Fax No.: |
91-44-24334707 /
24334708 |
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Mobile No. : |
91-9840033352 |
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E-Mail : |
micvasanth@yahoo.com |
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Location : |
Owned |
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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 15, South Usman
Road, T Nagar, Chennai-600017 Tel No.
91-24345437 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 35, Arcot Road,
Chennai 600026 Tel No. :
91-24800709 Vasanth and
Company 4, Padmanabha
Nagar, Adyar, Chennai 600020 Tel No.
91-24915825 Vasanth and
Company 11, Padmanatha
Nagar, Adyar, Chennai 600020 Tel. No. :
91-24915828 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 45, AN Usman
Road, Chennai 600017 Tel. No. :
91-24344767 Vasanth and
Company Poonamalee High
Road, Kielpauk, Chennai 600010 Vasanth and
Company 21,22
Hanmugalingam Road, Tambaram, Chennai 600045 Tel. No. :
91-22266249 Vasanth and
Company 63, MTH Road,
Padi, Chennai 600050 Tel No. :
91-26243593 Vasanth and
Company 67, Mannarsamy
Koil, Royapuram, Chennai 600013 Tel. No. :
91-25952435 Vasanth and
Company 1033 TH Road,
Washermanpet, Chennai 600021 Tel. No. :
91-25952861 Vasanth and
Company 13/1, Nelson
Manikam Road, Cholaimedu, Chennai 600094 Te. No. :
91-23745823 Vasanth and
Company 7, Arcot Road, Purur,
Chennai 600116 Tel. No. :
91-23860770 Apart from this
they have show rooms in other suburbs and in almost every south Indian Town
like: v
Salem v
Coimbatore v
Vellore v
Madurai v
Kanchipuram v
Tiruvelveli v
Tuticorin v
Nagercoil v
Virudhunagar v
Pollachi v
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
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Line of
Business : |
Traders,
Importers, Dealers and Distributors for household articles and consumer goods
of every kind and brand. |
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Products : |
Household
Articles and Consumer Goods |
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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) |
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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Banking Relations : |
-- |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.500.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.500.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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All the Branches together net over 2500 Millions |
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.
AS PER WEBSITE
DETAILS
PROFILE:
Subject
established in the year 1978, India’s No.1 Dealer in consumer durables, have
wide geographical presence in the southern part of India. It has a network of
39 showrooms operating in almost all towns of Tamilnadu and one each in
Bangalore and Pondicherry. Since its inception the sales graph of the company
has been slopping upward steadily and today it has earned for itself the
envious position of being an Rs.2.5 Billion-turnover company.
Subject views customer service and solving customer complaints as
effective ways to build and maintain customer base, establish customer rapport
and to generate future sales through repeat purchases & positive
word-of-mouth reference. Acting as a vital bridge between
customers and manufacturers, Subject strives to resolve customer problems
immediately to avoid frustrating wait for them. Their prompt handling of
customer complaints has, in fact, built up customer confidence in them more
especially when customers are vulnerable to competition.
Their
most loyal customers are not those who never had problem with the product they
sold, but buyers whose complaints were resolved satisfactorily. Customers who
purchased black & white TV sets from Vasanth & Co. way back in 1978 –
that was the time television came to India – still continue to be Vasanth &
Co. customers. This speaks volumes about customer loyalty Vasanth &
Co. enjoys.
Though
a proprietary concern, its affairs are managed with utmost professionalism,
proprietor H. Vasanthakumar is a well-reputed person of public standing. He is
an ardent social servant, philanthropist, editor & publisher, who
contributes in a big way to promote education and sports among the poor and
offers relief and remedies to the affected people.
They
are dealing with home appliances, kitchenware items and beauty care products.
They focus on quality and aim to achieve total customer satisfaction.
Home Appliances
The
product range includes A to Z in Home Appliances & Consumer Durables both
high and low end such as
- Projection
TVs
- Plasma TVs
- LCD TVs
- Televisions
- Handicams
- Digital
Cameras
- Audio Video
Systems
- DVD Players
- Walkmans
- Refrigerators
- Side-by-side
Refrigerators
- Air
conditioners
- Air Coolers
- Computers
- Mobile Phones
- Cordless
Phones
- Washing
Machines
- Dryers
- Microwave
Ovens
- Vacuum Cleaners
- Water Heaters
- Steel
cupboards
- Fans
- Irons
- Voltage
stabilizers
- Emergency
lamps
- Beauty care
products
They are supplying all
kitchenware items and electronic equipments, which they are using in day-to-day
life and also which makes them to feel comfortable. A host of kitchenware items
that they supply includes
- Mixies
- Table top
grinders
- Juice
extractors
- Hand blenders
- Food
Processors
- Cookers
- Coffee Makers
- Milk Boilers
- Egg boilers
- Toasters
- Kettles
- Dish washers
- Water
purifiers
- Gas stoves
- Built-in-ovens
- Gas hobes
- Electric
chimneys
They pursue a single goal of total customer satisfaction through quality
products, unmatched service and on time delivery. They endeavor to source the
premium quality products from the best companies for their clients. Their
commitment to continuous quality improvement touches every aspect of their
products, services, and customer support. Led by a team of highly experienced
people, the company is committed to maintain clarity in all its deals and timely
delivery of its high quality products.
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. 39.36 |
|
UK Pound |
1 |
Rs. 80.58 |
|
Euro |
1 |
Rs. 57.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
|
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
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 |
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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 |
|
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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