MIRA INFORM REPORT

 

 

 

Report Date :

21.05.2008

 

IDENTIFICATION DETAILS

 

Name :

VENTURE STEEL PRIVATE LIMITED

 

 

Registered Office :

C- 57, MIDC, Baramati, Pune, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

18.05.2004

 

 

Com. Reg. No.:

25-19286

 

 

CIN No.:

[Company Identification No.]

U27109PN2004PTC019286

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEV05051E

 

 

PAN No.:

[Permanent Account No.]

AABCV8556A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Trader, Exporter and Importer of Bulk Milk Cooler and Dairy Equipments and Winery Equipments.

 

 

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 12000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company meeting its normal commitments timely. Trade relations are fair.

 

The company can be considered good for normal business dealings.

 

 

INFORMATION DECLINED BY

 

Name :

Mr. B. R. Shende

Designation :

Director

Contact No.:

91-94422342277

Date :

18.04.2008

 

 

LOCATIONS

 

Registered Office/

Factory :

C- 57, MIDC, Baramati, Pune, Maharashtra, India

Tel. No.:

91-2112-243686 / 560677

Mobile No.:

91-9422342297

E-Mail :

venturespl@rediffmail.com

Website :

http://www.indiamart.com/venturesteel

Area :

14000 sq ft (Leased)

 

 

DIRECTORS

 

Name :

Mr. B. R. Shende.

Designation :

Director

Address :

A/P Katphal, Baramati, Pune-411053, Maharashtra, India

Date of Birth/Age :

37 Years

Qualification :

BE Mechanical

Date of Appointment :

18.05.2004

 

 

Name :

Mr. R.A. Padule

Designation :

Director

Address :

A/P Katphal, Baramati, Pune-411053, Maharashtra, India

Date of Birth/Age :

39 Years

Qualification :

BE Mechanical

Date of Appointment :

18.05.2004

 

 

Name :

Mr. S. B. Nikam

Designation :

Director

Address :

At Post Shindewadi, Tal Pandharpur, District Solapur, Shendewadi-413304, Maharashtra, India

Date of Birth/Age :

44 Years

Qualification :

Diploma Physics

Date of Appointment :

01.10.2006

 

 

Name :

Mr. Naikawade

Designation :

Director

Address :

House No. 228, Chausala Beed, Chausala- 431126, Maharashtra, India

Date of Birth/Age :

12.06.1968

Qualification :

H.S.C

Date of Appointment :

01.10.2006

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 17.11.2005

 

Names of Shareholders

 

 

No. of Shares

Babasaheb R. Shinde

 

5000

Ramhari Arjun Padule.

 

5000

Total

 

10000

 

 

 

Equity Share Capital Breakup (Percentage of Total Equity)

As on30.09.2007

Category

 

 

Percentage

Directors or Relatives of Directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Trader, Exporter and Importer of Bulk Milk Cooler and Dairy Equipments and Winery Equipments.

 

 

Exports :

 

Products :

 

Countries :

South Africa, Srilanka and India

 

 

Imports :

 

Products :

Spares

Countries :

Italy (going to do in future)

 

 

Terms :

 

Selling :

L/C

 

 

Purchasing :

L/C

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers

 

 

No. of Employees :

71 (office 21, Factory50)

 

 

Bankers :

Bank of Maharashtra, Baramati Branch

 

 

Facilities :

Cash Credit, Term Loan Rs. 160.000 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Mrs. Prajakta Ambekar (From Ambekar and Associates)

Chartered Accountant

Address :

266, Kshirda, L.B.S. Road, Navi Peth, Pune-411030, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 29.09.2007

 

Authorised Capital :

No. of Shares

Type

Value

Amount

600000

Equity Shares

Rs. 10/- each

Rs. 6.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

140500

Equity Shares

Rs. 10/- each

Rs. 1.405 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.100

0.100

2] Share Application Money

 

1.474

0.874

3] Reserves & Surplus

 

1.552

0.322

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

3.126

1.296

LOAN FUNDS

 

 

 

1] Secured Loans

 

16.224

6.286

2] Unsecured Loans

 

0.458

0.658

TOTAL BORROWING

 

16.682

6.944

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

19.808

8.240

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

9.505

5.848

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

 

 

DEFERREX TAX ASSETS

 

0.005

0.005

 

 

0.000

0.000

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

9.477

6.745

 

Sundry Debtors
 

13.120

0.456

 

Cash & Bank Balances
 

0.382

0.075

 

Other Current Assets
 

1.559

0.145

 

Loans & Advances
 

0.202

0.165

Total Current Assets
 

24.740

7.586

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

14.131

5.096

 

Provisions
 

0.319

0.114

Total Current Liabilities
 

14.450

5.210

Net Current Assets
 

10.290

2.376

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.008

0.011

 

 

 

 

TOTAL

 

19.808

8.240

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Total Income

 

33.774

14.670

 

 

 

 

Profit/(Loss) Before Tax

 

1.465

0.321

Provision for Taxation

 

--

--

Profit/(Loss) After Tax

 

1.465

0.321

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

1.170

0.386

 

Depreciation & Amortization

 

0.690

0.251

 

Other Expenditure

 

30.449

13.712

Total Expenditure

 

32.309

14.349

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

PAT / Total Income

(%)
 

4.34

2.19

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

4.34

2.19

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

4.28

2.39

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.47

0.25

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

9.96

9.38

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.71

1.46

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

 

 

 

Bankers Charges Report as per Registry

 

Name of the company

VENTURE STEELS PRIVATE LIMITED

Presented By

Mr. R.A. Padule- Director

1) Date and description of instrument creating the change

Composite deed of Hypothecation for all facilities. Dated 27.01.2005

2) Amount secured by the charge/amount owing on the securities of charge

Cash Credit Rs. 1.750 Millions

Term Loan Rs. 5.250 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

  1. Hypothecation over Borrower’s Present and future movable plants, machines, goods, stock of raw materials, items, inventories, stock in process, semi-finished and finished goods, stores and spares not relating to plant and machinery (consumable stores and spares), stock in trade, goods in process, movables in transit, Bills receivables and Book debts and all of the borrower’s other movable assets and properties both present and future situated at or located at any place at any time and the borrower’s goodwill and all outstanding monies, claims, receivables, book debts due or become due to the borrowers at any time or from time to time and all the borrower’s rights, titles and interest therein.
  2. Hypothecation over Borrower’s Present and future movable plants and /or machineries such as plant and machineries.

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest: 12.75%p.a.

Penal Interest in case of default: 2%p.a.

Margin: 25%

Repayment: At Monthly installments of Rs. 0.105 Millions commencing from July 2005

5) Name and Address and description of the person entitled to the charge.

Bank of Maharashtra, Baramati Branch, Baramati

6) Date  and brief description of instrument modifying the charge

Mortgage Deed dated 24th day of March 2005

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

1st Modification

Additional security provided by mortgage of all the Piece and Parcel of land Plot No. C-57, MIDC, Baramati, registration District-Pune. Sub – District Baramati admeasuing 1000 sq mtrs. Thereabouts and bounded as follows:

 

Bounded by

East : Plot No. C-69 and C-70

South: Plot No. C-56

West : Road

North : Plot No. C-58

 

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

UK Pound

1

Rs. 83.41

Euro

1

Rs. 66.39

 

 

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

YES

--AFFILIATION

YES/NO

NO

--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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions