MIRA
INFORM REPORT
|
Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VENUS TIN CORPORATION |
|
|
|
|
Registered Office : |
3/220 Thiraviyanathapuram Rosalpatti, Virudhunagar – 626 001, Tamil
Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
MRIV00428B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABFV9423B |
|
|
|
|
Legal Form : |
Partnership concern with an Unlimited Liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturer and Importer of Tin Sheets and fabrication of tin into
tin containers. |
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 200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed concern. Partners are
reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are reported as usually correct and as
per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
3/220 Thiraviyanathapuram Rosalpatti, Virudhunagar – 626 001, Tamil
Nadu, India |
|
Tel. No.: |
91-4562-280105 / 280150 /
280240 / 245061 |
|
Mobile No.: |
91-9443145061/9843057912 |
|
Fax No.: |
91-4562-280141 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
235 Teppam East Virudhunagar , Virudhunagar – 626 001, Tamil Nadu,
India |
|
Tel No: |
91-4562-44104 / 43061 |
|
|
|
|
Factory : |
Pandian Nagar, Virudhunagar, Tirunelveli District , Tamil Nadu |
|
Area : |
29 Acres |
PARTNERS
|
Name : |
Mr. T Shanmugasundaram |
|
Designation : |
Main partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Tin Sheets and fabrication of tin into
tin containers. |
|
|
|
|
Products: |
Tin containers |
|
|
|
|
Imports : |
|
|
Products : |
Tin Sheets |
|
Countries : |
Belgium |
GENERAL
INFORMATION
|
No. of Employees : |
235 ( 35 in Office and 200 in Factory) |
|
|
|
|
Bankers : |
State Bank of India Address : Virudhunagar – 626 001, Tamil Nadu, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Associates/Subsidiaries : |
· Rohini Metals · Metro Tin Containers. |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 50.000 millions |
|
Borrowed : |
----- |
|
Total : |
Rs. 50.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2007 |
|
Sales Turnover |
|
|
100.000 |
LOCAL AGENCY
FURTHER INFORMATION
NOTE:
The total sale turnover during year 31.03.2007 is 100.000 millions is of
the whole group comprising of Rohini Metals, Metro Tin Containers, Venus Tin
Corporation.
OTHER INFORMATION:
There are 11 partners of the firm. Mr. T Shanmugasundaram looks after
corporate requirements. About 200
people work in their fabrication unit.
WEBSITE DETAILS:
This a partnership firm situated in Virudhunagar. The address 235 Teppam
East Bazaar, Virudhunagar has changed and the new address is mentioned above.
They have vacated this premises and shifted to their own premises. Their
factory and fabrication unit is situated in pandian Nagar, Virudhunagar. The
firm has 11 partners. However for all communication and other facilities the
name of Mr. T Shanmugasundaram is given by the firm. They fabricate metal tin
into containers for the storage of mainly oil. The capacity varies from 25
litres to 50 liters. Now apart from oil many provisions, pulses, pickles,
condiments, spice, flour like rice flour, chana dal flour are all stored are
all stored in tin container. Virudhunagar is very famous for the manufacture of
these tin containers for varied domestic and commercial purposes. In fact
Rosalpatti abounds in such fabrication units and metro and venus are such firm.
They are sister concerns. They also have another sister concern called Rohini
Metals which is engaged in the manufacture of Aluminium powder used in
fireworks.
The promoters are from business community and have been doing business
for more than 5 generations. The promoters of this firm are engaged already in
the manufacture of cattle feed, import of tin sheet for direct sales and now
entered in to BPO services.
About The Sister
Concern: ROHINI METALS
Rohini Metals started its operation in 1998 and leading a
majestic walk in the production of Aluminium metal powder (non-ferrous metal
aluminium). The Factory is situated in 29 acres of land with strong
infra-structure. About the promoters the promoters are from business community
and doing business for more than 5 generations. The Promoters are engaged
already in the manufacture of cattle feed, tin containers and import of tin
sheet for direct sales and now entered into BPO services.
Rohini Metals produce the following Grades of Pyrotechnic Aluminium Power used in Fire Works
RMF Grade
- used for Flower Pots
RMA Grade
- used for Crackers
RMS Grade
-
used for Sparklers
Dark Grade Powder
The concern is having Atomizing unit and
Pyrotechnic unit separately. The manufacturing activities are fully under
latest automatic control system. The concern is producing quality and high pure
grade aluminum powder with a production capacity of 4 M.T. Atomized powder per
day and 1 M.T. Pyro powder per day.
The concern is manufacturing Atomized
Aluminum Powder for the following user industries with required specifications
of the buyers.
· Light weight concrete Grade
· Pesticide Grade
· Explosive manufacturer’s Grade
· Brake lining Grade
· Refractory Grade
· Flux and slurry Grade
The service the
following industry:
· Fire Works
· Crackers Grade
· Flower Pot Grade
· Sparkles Grade
· Atom Bomb Grade
QUALITY CONTROL
Quality control was achieved by inspecting 100% of the finished product
and accepting or rejecting each item based on well item met specifications.
Their quality control system ensures that their product will proceed with
minimal unforeseen problems and eliminates the costly trial and error
approaches used by companies who do not integrate quality control into their
overall product development from start to finish.
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 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.39.37 |
|
UK Pound |
1 |
Rs.80.49 |
|
Euro |
1 |
Rs.57.92 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|