MIRA
INFORM REPORT
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Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
VENKATESWARA STEELS AND SPRINGS PRIVATE LIMITED |
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Registered Office : |
No. 6, B R Nagar, Singanallur, Coimbatore – 641 005, Tamil
Nadu |
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Country : |
India |
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Date of Incorporation : |
02.02.2006 |
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Com. Reg. No.: |
12531 |
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CIN No.: [Company
Identification No.] |
U27310TZ2006PTC012531 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBV04418B |
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PAN No.: [Permanent
Account No.] |
AACCV3065F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Springs, Sheet Metal Components, General Engineering
Components, Sub Assemblies and other items. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
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Status : |
New company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and hence no financials are available. No payments records are available. It would be advisable to deal with
the company on fully safe and secured trade terms and condition, initially. |
LOCATIONS
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Registered Office : |
No. 6, B R Nagar, Singanallur, Coimbatore – 641 005, Tamil
Nadu, India |
DIRECTORS
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Name : |
Mr. M S Vijayaraghavan |
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Designation : |
Director |
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Address : |
No. 6, B R Nagar, Singanallur, Coimbatore – 641 005, Tamil Nadu,
India |
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Name : |
Mr. M S Ananthakrishnan |
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Designation : |
Director |
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Address : |
No. 6, B R Nagar, Singanallur, Coimbatore – 641 005, Tamil Nadu, India
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Name : |
Mr. L Dhanapal |
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Designation : |
Director |
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Address : |
23, Thirukumaran Nagar, Nandha, Naagr Souht, Singanallur, Coimbatore –
641 005, Tamil Nadu, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. M S Vijayaraghavan |
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5100 |
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Mr. M S Ananthakrishnan |
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2500 |
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Mr. L Dhanapal |
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2400 |
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Total
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10000 |
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Name of Allottee |
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Mr. M S Vijayaraghavan |
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351900 |
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Mr. M S Ananthakrishnan |
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172500 |
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Mr. L Dhanapal |
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165600 |
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Total |
690000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Springs, Sheet Metal Components, General
Engineering Components, Sub Assemblies and other items. |
GENERAL
INFORMATION
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Bankers : |
· State Bank of India Address: Main Branch, State Bank Road,
Coimbatore - 641 018, Tamil Nadu |
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Banking
Relations : |
----- |
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Auditors : |
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Name : |
M.S. Raj Seckhar Chartered Accountants |
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Address : |
“Mecheri Manor” No. 2, S.R. Iyer Layout, Near All India Radio, Trichy Road,
Ramanathapuram, Coimbatore – 641 045, Tamil Nadu, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity shares |
Rs. 10/- each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
FINANCIALS:
No financials are available since subject is a new company.
Management of the company remained non –co-operative during our current
investigation.
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U27310TZ2006PTC012531 |
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Name of the company |
VENKATESWARA STEELS AND SPRINGS PRIVATE LIMITED |
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Address |
No.6, B R Nagar, Singanallur, Coimbatore – 641 005, Tamil Nadu,
India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Books debts · Movable property · Floating charge · Others |
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Particular of the charge holder
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State Bank Of India Address: Main Branch, State Bank Road, Coimbatore - 641 018, Tamil Nadu Email Id: sbicbegs@md4.vsnl.net.in
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Nature or description of the instrument creating charge |
Agreement of loan – cum hypothecation |
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Date of the instrument creating charge |
20.11.2006 |
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Amount Secure by the charge |
Rs. 11.600 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: Working Capitals limits – 11.75% Term Loan: 12.25% Terms of repayments: Working capitals Limits are repayable on demand. Term loan is to be
repaid in 60 installments of Rs. 83340/- each, with first installments
commencing on April 2007 and the last installment falling due on March 2012 Margin: Working capitals Limits – 25% Term Loan – 24.24% Extent and operation of the
charge: The charge operates as security for due payment of all liabilities in
respect of the limits / loans including costs, charges, and expenses and all
other monies due to the bank Other: Nil |
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Shorts particulars of the
Property charged |
All present and future stocks of raw materials, semi finished goods,
receivables, book debts and vehicles and all other movable assets of the
company and plant and machinery from Serial No. 1 to 68 as per the list of
machinery attached to the agreement. |
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Particulars of the present modification |
Enhancement of limits from Rs. 46 lakhs to Rs. 116 lakhs and are
secured as explained in the attachment. |
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.39.77 |
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UK Pound |
1 |
Rs.82.45 |
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Euro |
1 |
Rs.58.94 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
1 |
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PAID-UP CAPITAL |
1~10 |
1 |
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OPERATING SCALE |
1~10 |
--- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
--- |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
1 |
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--LEVERAGE |
1~10 |
1 |
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--RESERVES |
1~10 |
--- |
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--CREDIT LINES |
1~10 |
--- |
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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 |
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4 |
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/normal. |
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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