MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
VENUS WIRE INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Block No. 19, Raghuvanshi Mill Compound, Senapati Bapat Marg,
Lower Parel (West), Mumbai - 400 013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
15.03.1990 |
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Com. Reg. No.: |
11-55812 |
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CIN No.: [Company
Identification No.] |
U31300MH1990PTC055812 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV04136G |
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PAN No.: [Permanent
Account No.] |
AAACV1421F |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Stainless Steel Wire and Bars |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a pretty old company in its field. The company has not
filed any financials after 2003 with the Government Departments. The
management parted general details but failed to update with financials. No
further details could be made available. . The company can be considered for any business dealings on safe and
secured terms, only. |
INFORMATION PARTED
BY (general details)
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Name : |
Mr. Ashok Bachhuka |
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Designation : |
Accounts Officer |
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Date : |
02.12.2008 |
LOCATIONS
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Registered Office / Corporate Office : |
Block No. 19, Raghuvanshi Mill Compound, Senapati Bapat
Marg, Lower Parel (West), Mumbai - 400 013, Maharashtra |
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Tel. No.: |
91-22-24978840 |
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Fax No.: |
91-22-24978846 |
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E-FAX (USA) : |
+ 001 208 439 1355 |
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E-Mail : |
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Website : |
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Area : |
16000 Sq.fts |
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Location : |
Owned |
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Factory : |
Atkargaon, Takai -Adoshi, Khopoli - 410 203, Maharashtra. |
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Tel. No.: |
91-2192-262610 / 262612 / 263404 |
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Fax No.: |
91-2192-268873. |
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E-Mail : |
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Location : |
Owned |
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Branches : |
13th Khetwadi Lane, C.P. Tank, Mumbai – 400 004, Maharashtra |
DIRECTORS
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Name : |
Mr. Babulal Bohra |
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Designation : |
Director |
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Address : |
401, Chetna Apartment, Bharat Nagar, Grant Road, Mumbai –
400 007, Maharashtra |
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Date of Birth/Age : |
01.01.1951 |
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Qualification : |
B.Com |
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Name : |
Mr. Ghevarchand P.
Bohra |
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Designation : |
Director |
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Address : |
401, Chetna Apartment, Bharat Nagar, Grant Road, Mumbai –
400 007, Maharashtra |
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Date of Birth/Age : |
24.12.1954 |
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Name : |
Mr. Motilal P. Bohara |
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Designation : |
Director |
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Address : |
401, Chetna Apartment, Bharat Nagar, Grant Road, Mumbai –
400 007, Maharashtra |
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Date of Birth/Age : |
19.10.1961 |
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Name : |
Mr. Hitesh B Bohra |
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Designation : |
Director |
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Name : |
Mr. G R Sanghvi |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Padmakar Vikas
Vaidya |
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Designation : |
Nominee Director of
SICOM Limited |
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Address : |
Nirmal Building, 2nd
Floor, Nariman Point, Mumbai- 400 021, Maharashtra |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Stainless Steel Wire and Bars |
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Products : |
· Stainless Steel Fine Wire · Coarse Wire · Spring Wire · Welding Wire |
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Exports : |
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Countries : |
USA, European Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Taiwan, Japan |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
L/C, Cash, Credit, Advance |
GENERAL
INFORMATION
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Customers : |
Traders |
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No. of Employees : |
250 |
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Bankers : |
· Dena Bank, IFB Branch Tower Parel |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
M C Doshi and Company Chartered Accountants |
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Address : |
308, Vaishali Apartments, 30-31, Parekh Street, Mumbai – 400 004, Maharashtra |
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Associates/Subsidiaries : |
Precision Metal Private Limited Address: Raghuvanshi Mill Compound, Senapati
Bapat Marg, Lower Parel (West),
Mumbai - 400 013, Maharashtra |
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 |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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590400 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.904 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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2500.000 |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.900 |
5.900 |
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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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186.100 |
168.500 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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192.000 |
174.400 |
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LOAN FUNDS |
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1] Secured Loans |
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233.400 |
201.700 |
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2] Unsecured Loans |
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0.000 |
1.500 |
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TOTAL BORROWING |
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233.400 |
203.200 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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425.400 |
377.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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118.900 |
113.100 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.100 |
0.100 |
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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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177.200 |
169.700 |
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Sundry Debtors |
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212.200 |
139.800 |
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Cash & Bank Balances |
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11.100 |
6.900
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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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49.500 |
45.100 |
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Total
Current Assets |
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450.000 |
361.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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141.700 |
93.500 |
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Provisions |
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1.900 |
3.600 |
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Total
Current Liabilities |
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143.600 |
97.100 |
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Net Current Assets |
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306.400 |
264.400 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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425.400 |
377.600 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2003 |
31.03.2002 |
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Sales Turnover |
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1009.900 |
816.600 |
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Other Income |
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5.200 |
0.700 |
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Total Income |
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1015.100 |
817.300 |
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Profit/(Loss) Before Tax |
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24.500 |
45.100 |
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Provision for Taxation |
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6.900 |
8.100 |
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Profit/(Loss) After Tax |
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17.600 |
37.000 |
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Expenditures : |
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Manufacturing Expenses |
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112.100 |
72.500 |
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Raw Material Consumed |
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684.800 |
583.700 |
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Excise Duty |
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33.800 |
17.600 |
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Administrative Expenses |
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57.000 |
42.600 |
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Increase/(Decrease) in Finished Goods |
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[14.700] |
[44.600] |
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Salaries, Wages, Bonus, etc. |
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12.000 |
10.700 |
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Interest |
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25.000 |
23.700 |
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Power & Fuel |
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35.300 |
24.600 |
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Depreciation & Amortization |
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26.800 |
21.600 |
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Other Expenditure |
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18.500 |
19.800 |
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Total Expenditure |
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990.600 |
772.200 |
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KEY RATIOS
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Year |
31.03.2003 |
31.03.2002 |
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Debt-Equity
Ratio |
1.19 |
1.17 |
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Long Term
Debt-Equity Ratio |
1.19 |
1.17 |
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Current
Ratio |
3.37 |
3.72 |
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TURNOVER RATIOS |
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Fixed
Assets |
5.06 |
4.45 |
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Inventory |
5.82 |
4.81 |
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Debtors |
5.74 |
5.84 |
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Interest
Cover Ratio |
1.98 |
2.90 |
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Operating Profit
Margin(%) |
7.56 |
11.07 |
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Profit
Before Interest And Tax Margin(%) |
4.90 |
8.43 |
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Cash Profit
Margin(%) |
4.40 |
7.18 |
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Adjusted
Net Profit Margin(%) |
1.74 |
4.53 |
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Return On
Capital Employed(%) |
12.33 |
18.22 |
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Return On
Net Worth(%) |
9.61 |
21.22 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE References:-
· Prakash Steels
FIXED ASSETS
· Freehold Land,
· Office Premises,
· Factory Building,
· Computers,
· Vehicles,
· Furniture & Fixture
· Plant & Machinery
WEBSITE DETAILS:-
Company Profile
Subject is a leading
international manufacturer of Stainless Steel Wire and Bars that have been used
in different industrial applications like automotive, aerospace, industrial
fittings and oil and gas exploration and processing. VENUS materials have been
used in hundreds of applications –and known for their reliability in every
aspect.
The company was founded in 1990 by Bohra
and Sanghvi families as an exclusive unit for export of Stainless Steel Wire
and Bar, branching out from VENUS METAL-their parent group which have been a
synonym for Stainless Steel long products for more than forty years in Indian
industry.
Now, more than them, their products speak
about them in more than 50 countries. They are a big family now, consisting
their satisfied customers, supportive suppliers, representatives employees.
Their new corporate image demonstrates their commitment to innovation, their passion for delivering high quality products and services, their growing momentum and their leadership in the market place.
By leveraging the entire depth of their resource and their industry expertise they are now able to better meet the growing needs of their customers. In fact, it is the special care that they take about the needs, aspirations and concerns which propels them in their mission to supply better 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 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
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UK Pound |
1 |
Rs.75.08 |
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Euro |
1 |
Rs.63.72 |
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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