MIRA INFORM REPORT
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Report Date : |
13.04.2011 |
Note : - Registered office of the company has been shifted from, No. 7, Gandhi
Street, Kaveri Nagar, Saidapet, Chennai – 600 015, Tamil Nadu, India, to the present
address w.e.f. 01.09.2007
IDENTIFICATION DETAILS
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Name : |
SREE VISHNU MAGNETICS PRIVATE LIMITED |
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Registered
Office : |
Unit nos. 1 and 2, Block II, SIDCO Electronic Complex, Guindy Industrial
Estate, Chennai - 600032, Tamil Nadu , India |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.03.2003 |
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Com. Reg. No.: |
18 - 050543 |
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CIN No.: [Company Identification
No.] |
U31909TN2003PTC050543 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
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Manufacturer of Coils and Transformers |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 220000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/Factory : |
Unit nos. 1 and 2, Block II, SIDCO Electronic Complex, Guindy Industrial
Estate, Chennai - 600032, Tamil Nadu , India. |
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Tel. No.: |
91-44-65445584 / 24341217/22501789/65445582 91-44-22321859/22501789 |
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E-Mail : |
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Factory 1 : |
S.No. 9/1,
Thiruvalluar Salai, at Kannivakkam village, Guduvanchery (via), Chengalpattu
District - 603 202 |
DIRECTORS
As on 20.08.2010
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Name : |
Mr. M. Ram Prasad |
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Designation : |
Director |
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Address : |
No. 7, Old No. 4, |
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Date of Birth/Age : |
10.06.1961 |
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Date of Appointment : |
20.03.2003 |
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Name : |
Mrs. M. Hemalatha |
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Designation : |
Director |
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Address : |
No. 7, Old No. 4, |
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Date of Birth/Age : |
02.06.1963 |
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Date of Appointment : |
20.03.2003 |
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Name : |
Mr. Narayanan Rajaraman |
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Designation : |
Additional Director |
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Address : |
No. T1, Dharma Apts, 22, Old No. 15, |
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Date of Birth/Age : |
26.05.1961 |
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DIN NO. |
02628364 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.08.2010
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Names of Shareholders |
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No. of Shares |
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Mr. M. Ram Prasad |
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1227000 |
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Mrs. M. Hemalatha |
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1201000 |
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40000 |
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15000 |
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Total |
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2483000 |
As on 20.08.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Coils and Transformers |
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GENERAL INFORMATION
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Bankers : |
Indian Overseas Bank, West Cit Nagar Branch, No. 57, First Main Road,
CIT Nagar, Chennai – 600035, Tamil Nadu, India |
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Facilities : |
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Auditors : |
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Name : |
A.Panneer Chelvan Chartered Accountant |
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Address : |
New No. 10, |
CAPITAL STRUCTURE
As on 20.08.2010
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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2483000 |
Equity Shares |
Rs.10/- each |
24.830 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
24.830 |
19.250 |
2.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
30.424 |
18.312 |
18.910 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
55.254 |
37.562 |
21.110 |
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LOAN FUNDS |
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1] Secured Loans |
164.818 |
133.392 |
56.298 |
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2] Unsecured Loans |
22.475 |
25.126 |
22.844 |
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TOTAL BORROWING |
187.293 |
158.518 |
79.142 |
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DEFERRED TAX LIABILITIES |
4.580 |
3.343 |
2.597 |
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TOTAL |
247.127 |
199.423 |
102.849 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
156.390 |
159.073 |
72.417 |
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Capital work-in-progress |
3.770 |
3.770 |
19.165 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
48.431
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29.887 |
23.334 |
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Sundry Debtors |
102.138
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60.134 |
20.044 |
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Cash & Bank Balances |
8.426
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5.672 |
2.219 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
29.205
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19.154 |
13.732 |
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Total
Current Assets |
188.200
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114.847 |
59.329 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
84.652
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64.254 |
43.909 |
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Other Current Liabilities |
9.133
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7.250 |
4.020 |
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Provisions |
7.469
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6.788 |
0.162 |
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Total
Current Liabilities |
101.254
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78.292 |
48.091 |
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Net Current Assets |
86.946
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36.555 |
11.238 |
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MISCELLANEOUS EXPENSES |
0.021 |
0.025 |
0.029 |
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TOTAL |
247.127 |
199.423 |
102.849 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
434.600 |
255.900 |
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Other Income |
1.487 |
1.059 |
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TOTAL (A) |
436.087 |
256.959 |
169.946 |
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Less |
EXPENSES |
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Office Expenses |
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NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
372.866 |
207.951 |
145.014 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
63.221 |
49.008 |
24.932 |
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Less |
FINANCIAL
EXPENSES (D) |
17.762 |
12.475 |
5.873 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
45.459 |
36.533 |
19.059 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.661 |
16.318 |
7.743 |
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PROFIT BEFORE
TAX (E-F) (G) |
20.798 |
20.214 |
11.316 |
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Less |
TAX (I) |
8.687 |
7.612 |
3.698 |
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PROFIT AFTER TAX
(G-I) (J) |
12.111 |
12.602 |
7.618 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
18.312 |
18.910 |
11.291 |
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Less |
Issue
of Bonus Shares |
0.000 |
13.200 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
30.423 |
18.312 |
18.909 |
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IMPORTS |
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Raw Materials |
176.060 |
81.594 |
54.039 |
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Capital Goods |
7.546 |
55.889 |
21.666 |
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TOTAL IMPORTS |
183.606 |
137.483 |
75.705 |
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Earnings Per
Share (Rs.) |
4.88 |
6.55 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.78
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4.90 |
4.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.04
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7.38 |
8.61 |
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Return on Investment (ROI) (PBT/Networth) |
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0.38
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0.54 |
0.54 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.22
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6.30 |
6.03 |
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Current Ratio (Current Asset/Current Liability) |
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1.86
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1.47 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
Financial Result
Even though the current year Sales increased to Rs.434.600 Millions from
previous year sales of Rs. 255.900 Millions, the current year net profit
marginally increased to Rs. 20.800 Millions from the earlier year profit of Rs.
20.200 Millions. This thin profit margin increase is mainly due to the 50%
increase in Operative Expenses and about 100% increase in Administrative
Expenses plus 50% increase in Depreciation.
FORM 8
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
90288395 |
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Corporate
identity number of the company |
U31909TN2003PTC050543 |
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Name of the
company |
SREE VISHNU
MAGNETICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Unit nos. 1 and 2, Block II, SIDCO Electronic Complex, Guindy
Industrial Estate, Chennai - 600032, Tamil Nadu , India |
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Type of charge |
Book Debts Movable Property Floating Charge Immovable
property |
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Particular of
charge holder |
Indian Overseas Bank, West Cit Nagar Branch, No. 57, First Main Road,
CIT Nagar, Chennai – 600035, Tamil Nadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation (for Securing Machineries / Vechicles goods, Book Debts).
Confirmation Letter. |
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Date of
instrument Creating the charge |
29.10.2010 |
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Amount secured by
the charge |
Rs.228.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Cash Credit :
Base Rate + 2.75% (presently 11.25%) Terms of
Repayment : As per sanction
letter and as determined by banker from time to time Margin : Cash Credit: 25 % Others : All other terms
and conditions as per sanction letter/ instruments executed. |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
16.08.2010 |
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Particulars of
the present modification |
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Fixed Assets:
- Land
- Building
- Plant and Machinery
- Testing Equipments and Meters
- Tools and dies
- Factory Equipment
- Electrical Fittings
- Electric Motor
- Furniture and Fixture
- Air Conditioner
- Cell Phones
- Office Equipment
- Water Filter
- Car
- Bicycle
- Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.20 |
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1 |
Rs.72.26 |
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Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
47 |
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 |
|
|
>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 |
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.