MIRA
INFORM REPORT
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Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED |
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Formerly Known As : |
VENUS INDUSTRIAL CORPORATION LIMITED |
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Registered Office : |
Flat No. 1, 2nd Floor, Ram Pratap House, 4-LSC, Kalkaji,
New Delhi – 110006 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.04.1996 |
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Com. Reg. No.: |
55-77781 |
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CIN No.: [Company
Identification No.] |
U34300DL1996PTC077781 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKV00889A |
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PAN No.: [Permanent
Account No.] |
AABCV9234D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Automotive Steel Metal Components. |
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 590000 |
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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 company meeting its normal
commitments timeously. Trade relations are fair. Business is active. General
financial position is good. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Flat No. 1, 2nd Floor, Ram Pratap House, 4-LSC, Kalkaji,
New Delhi – 110006 |
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Tel. No.: |
91-129-25061479 |
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Fax No.: |
91-129-25067479 |
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E-Mail : |
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Factory 1 : |
Plot No.91, Sector 25, Faridabad – 121004, Haryana, India |
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Tel. No.: |
91-129-4063479 |
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Factory 2 : |
Plot No.197, NIT, Sector 24, Faridabad – 121001, Haryana, India |
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Tel. No.: |
91-129-4061479 |
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Fax No.: |
91-129-4067479 |
DIRECTORS
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Name : |
Mr. Dwarka Nath Kathuria |
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Designation : |
Chairman cum Managing Director |
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Address : |
House No. 858, Sector – 15, Faridabad, Haryana, India |
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Date of Birth/Age : |
15.06.1937 |
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Date of Appointment : |
02.04.1996 |
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Email: |
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Name : |
Mr. Krishnan Lal Kathuria |
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Designation : |
Managing Director |
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Address : |
House No. 563, Sector – 14, Faridabad, Haryana, India |
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Date of Birth/Age : |
08.04.1945 |
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Date of Appointment : |
02.04.1996 |
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Email : |
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Name : |
Mr. Sumeet Kathuria |
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Designation : |
Whole Time Director |
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Address : |
House No. 530 Sector -14, Faridabad, Haryana, India |
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Date of Birth/Age : |
08.04.1975 |
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Date of Appointment : |
02.04.1996 |
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Email : |
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Name : |
Mr. Mukesh Kathuria |
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Designation : |
Whole Time Director |
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Address : |
House No. 563, Sector – 14, Faridabad, Haryana, India |
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Date of Birth/Age : |
21.07.1974 |
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Date of Appointment : |
01.04.2001 |
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Email : |
KEY EXECUTIVES
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Name : |
Mr. Abhisek Shrivastava |
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Designation : |
Company Secretary |
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Address : |
3-C, 79 BP ESI Road, Faridabad, Haryana, India |
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Date of Birth/Age : |
16.01.1980 |
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Date of Appointment : |
13.09.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Dwarka Nath Kathuria |
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1310000 |
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Krishna Lal Kathuria |
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143500 |
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Sumeet Kathuria |
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108500 |
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Mukesh Kathuria |
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108500 |
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R. D. Kathuria |
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752500 |
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Naresh Kathuria |
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60000 |
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Gaurav Kathuria |
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30000 |
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Sajeev Kathuria |
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60000 |
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Total |
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2573000 |
(As on 31.03.2007)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automotive Steel Metal Components. |
GENERAL
INFORMATION
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Bankers : |
1-C/47-48, NIT, Faridabad – 121001, Haryana, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Y. K. Joneja and Company Chartered Accountant |
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Address : |
Samdhan Chambers B-377-78, Nehru Ground, Faridabad – 1210021, Haryana,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2573000 |
Equity Shares |
Rs.10/- each |
Rs.25.730 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.730 |
25.730 |
25.730 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
92.280 |
79.894 |
45.196 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
118.010 |
105.624 |
70.926 |
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LOAN FUNDS |
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1] Secured Loans |
181.820 |
89.935 |
92.580 |
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2] Unsecured Loans |
14.120 |
14.120 |
14.131 |
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TOTAL BORROWING |
195.940 |
104.055 |
106.711 |
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DEFERRED TAX LIABILITIES |
14.327 |
11.292 |
11.051 |
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TOTAL |
328.277 |
220.971 |
188.688 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
216.520 |
192.056 |
172.935 |
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Capital work-in-progress |
93.597 |
9.723 |
8.189 |
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INVESTMENT |
0.057 |
0.058 |
0.058 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
64.645
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43.454 |
39.101 |
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Sundry Debtors |
84.075
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79.103 |
59.810 |
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Cash & Bank Balances |
7.999
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6.286 |
7.486 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
38.691
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16.448 |
13.317 |
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Total
Current Assets |
195.410
|
145.291 |
119.714 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
144.151
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94.212 |
86.520 |
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Provisions |
35.099
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32.721 |
26.705 |
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Total
Current Liabilities |
179.250
|
126.933 |
113.225 |
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Net Current Assets |
16.160
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18.358 |
6.489 |
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MISCELLANEOUS EXPENSES |
1.943 |
0.776 |
1.017 |
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TOTAL |
328.277 |
220.971 |
188.688 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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698.178 |
602.859 |
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Other Income |
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0.804 |
25.836 |
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Total Income |
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698.982 |
628.695 |
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Profit/(Loss) Before Tax |
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31.225 |
59.062 |
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Provision for Taxation |
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12.818 |
18.496 |
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Profit/(Loss) After Tax |
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18.407 |
40.566 |
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Expenditures : |
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Financial Charge |
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18.894 |
20.628 |
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Depreciation & Amortization |
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13.743 |
11.683 |
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Other Expenditure |
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635.120 |
537.322 |
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Total Expenditure |
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667.757 |
569.633 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.63
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6.45 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.47
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9.80 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.58
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17.51 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.56 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.18
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2.19 |
3.10 |
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Current Ratio (Current Asset/Current Liability) |
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1.09
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1.14 |
1.06 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U34300DL1996PTC077781 |
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Name of the
company |
VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Flat No. 1, 2nd Floor, Ram Pratap House, 4-LSC, Kalkaji,
New Delhi – 110006, India |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
Property Book Debts Hypothecation of
Plant and Machinery Misc. Fixed Assets and Stock |
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Particular of
charge holder |
1-C/47-48, NIT, Faridabad – 121001, Haryana, India |
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Nature of
instrument creating charge |
Term Loan
Agreement F 110 C, DPN, Letter of Hypothecation F 110 E and Confirmation
Letters F 379 C. |
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Date of
instrument Creating the charge |
28.02.2007 |
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Amount secured by
the charge |
Rs.150.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests @12.5% p.a.
with monthly rests or at such rates and rests as may be revised by the Bank
form time to time. Interests @2% p.a. will be charged extra in case of
default in the payments of the installment either of the principal or
interests. Terms of
repayment: The terms Loan is
repayable in 60 monthly installments of Rs.2.500 Millions each starting from
28.12.2007. Interests to be serviced separately as and when due. Margin: 25% Extent and
operation of the charge: 100% |
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Particulars of
the property charged |
Hypothecation of
plant and machinery and hypothecation of stocks of raw materials, semi
finished goods and finished goods etc. Book Debts and all current assets of
the company and equitable mortgage of property situated at plot no,.262 G and
H Sector – 24 Faridabad and at Plot No.91, Sector 25, Faridabad, Haryana. |
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.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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54 |
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 |
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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 |
|
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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